SOURCE: Top Image Systems Ltd.

February 21, 2007 02:00 ET

Diageo, the World's Leading Premium Drinks Business, Selects TIS's eFLOW as Its Complete Invoice Processing Solution

In a Strategic $250K Deal TIS Replaces a Competitor's Solution

TEL AVIV, ISRAEL -- (MARKET WIRE) -- February 21, 2007 -- Top Image Systems Ltd. (NASDAQ: TISA) (TELAVIV: TISA), the leading innovator of data capture solutions, announced today that Diageo, the world's leading premium drinks business, chose eFLOW to process its invoices and streamline the information into its SAP system.

With over 20,000 people worldwide in offices through 80 countries, Diageo has an outstanding collection of spirits, wine and beer brands. These brands include: Smirnoff, Johnnie Walker, Guinness, Baileys, J&B, Captain Morgan, Cuervo, Tanqueray and Crown Royal as well as Beaulieu Vineyard and Sterling Vineyards wines.

Diageo was aiming to sharpen its invoice circulation, review and approval, as well as reduce the costs related to accounts payable operations. A decision was taken to replace their existing invoice processing system with TIS's state-of-the-art solution, eFLOW. The implementation of the system was done in collaboration with DoqSys Ltd., TIS's partner and a leading provider in implementation and support of accounts payable solutions in Hungary.

Diageo also chose eFLOW Ability, the module that integrates into SAP systems for automated parking, approval and posting of invoices. eFLOW Ability provides Diageo with the most efficient and accurate process across three continents.

Incoming invoices are captured and processed in Diageo's shared service center in Budapest. Then, the information is delivered to three different SAP R/3 systems in North America, Australia and Europe, where it goes through a full approval workflow.

With eFLOW, 4000 invoices are processed on a daily basis while manual labor and related cost are reduced to a minimum. Even shortly after implementing eFLOW, a significant reduction of resources was achieved.

"We were looking for a solution to efficiently process our invoices, completely integrate with our SAP system, and be highly operational across the world," said Judit Pósán, Process Improvement Manager of Diageo. "Greater transparency and traceability will speed our response to invoicing inquiries, thus maximizing our service to suppliers. We were also looking for a global solution provider to offer the kind support that a major global enterprise requires. We found the answer to all these criteria in TIS."

"We are proud to have been selected by a market leader like Diageo. Once again, we proved that our solution perfectly integrates with enterprises' SAP systems while satisfying the strict requirements of multinational companies for handling invoices and payments," says Dr. Ido Schechter, CEO of Top Image Systems. "We look forward to working together with Diageo to implement additional applications."

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. 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 the Company 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), the Company's ability to successfully integrate TIS Japan, 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

  • Contacts:
    Adi Bar-Lev
    Director of Marketing and IR
    Top Image Systems Ltd.
    +972 545 330 537
    Email Contact