SOURCE: Top Image Systems Ltd.

July 16, 2007 02:00 ET

Agfa Implements TIS's eFLOW to Streamline Invoice Processing

eFLOW Ability Accelerates Agfa's Input to SAP System; The Contract Is Valued at Close to $500,000

TEL AVIV, ISRAEL--(Marketwire - July 16, 2007) - Top Image Systems Ltd. (NASDAQ: TISA) (TELAVIV: TISA), the leading innovator of data capture solutions, announced today that Agfa Materials and Agfa HealthCare implemented its eFLOW Ability to process all incoming supplier invoices. The contract for all business entities is valued at close to $500,000.

Agfa operates worldwide with offices in 40 countries. In the past few years, Agfa moved progressively from analogue to digital solutions and became one of the world's leading imaging companies. Agfa develops, manufactures and market analogue and digital systems and products, distributed by its three focused business groups: Agfa Graphics, Agfa HealthCare, and Agfa Materials.

Aiming to standardize its invoice circulation, review and approval, as well as reduce the costs related to accounts payable operation, both Agfa Materials and Agfa HealthCare decided to leverage the experience Agfa Europe had with TIS's eFLOW and to automate the invoice process.

Both companies chose eFLOW Ability, TIS's SAP business workflow template, to process and approve over 300,000 multi-lingual invoices annually. These invoices are related to factories in Belgium and Germany, and sales organizations in 19 European countries.

eFLOW Ability is a complete solution for Accounts Payable (AP) process with SAP R/3. It captures invoices, extracts their content, analyzes, validates and verifies it according to business rules and against information that exists in SAP. Then, it seamlessly delivers the business critical information into the SAP and allows automated parking, approval and posting of invoices.

Through this integration, eFLOW provides Agfa with an efficient process for a high level of stewardship with timely payments. The extracted information, including many line items per invoice, is seamlessly delivered to Agfa's existing SAP system, where it goes through a full approval workflow. Manual labor and related cost are reduced to a minimum.

"At Agfa, we believe in striving for the highest level of efficiency and unrelenting improvement. We implement this principle in solutions for our customers as well as in our own operations. TIS's eFLOW perfectly fits our goals by providing a streamlined invoice processing and approval, improved data quality and complete audit trail for each transaction," said Luc Le Brun, Controller Process Optimization at Agfa.

"We are pleased Agfa has again turned to TIS to help automate their operations and accelerate processes within their AP department," said Dr. Ido Schechter, CEO of TIS. "Agfa sought a solution to streamline its invoice processing, increase data accuracy and reduce costs. eFLOW platform, and especially its module eFLOW Ability, perfectly addresses those needs. It provides maximum flexibility that allows two European centers to operate in parallel, and the scalability to expand as Agfa's needs and volume grow."

About Top Image Systems

Top Image Systems is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS's eFLOW Unified Content Platform is a common platform for the company's solutions. TIS markets its platform in more than 30 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website for more information.

Caution Concerning Forward-Looking Statements

Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, particularly statements regarding future operating or financial performance. Words such as "will," "expects," "anticipates," "estimates," "intends," "believes," "plans" and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, quarterly fluctuations in sales of products in the Data Capture market (where in general the fourth quarter is the strongest and the first quarter is the weakest), TIS's ability to successfully integrate businesses it acquires, litigation (including litigation over intellectual property rights), general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    Top Image Systems Ltd.
    Adi Bar-Lev
    Director of Marketing and IR
    +972 545 330537
    Email Contact