SOURCE: Top Image Systems Ltd.

January 24, 2006 07:00 ET

eFLOW3 Selected by HEFAME, Spain for Streamlined Payment Processing

TEL AVIV, ISRAEL -- (MARKET WIRE) -- January 24, 2006 -- Top Image Systems, Ltd. (NASDAQ: TISA), a leading innovator of Data Capture solutions, announced today the successful upgrade of HEFAME's system to eFLOW3.

HEFAME, Hermanadad Farmacéutica del Mediterraneo S.C.L., is a cooperative society founded over 50 years ago, in Murcia, Spain, to distribute specialties and pharmaceutical accessories to pharmacies. Since its foundation, HEFAME has spread its activities throughout Spain with offices and warehouses in more than 13 Spanish regions and 230 distribution channels.

After evaluating the competition, HEFAME selected eFLOW to streamline its entire payment process. eFLOW was selected for its enhanced recognition capabilities, its electronic archive for storage and retrieval of invoices and AP documents, and mostly for its tight integration with SAP R/3. For the past 18 months, HEFAME has been utilizing TIS' eFLOW to process all of its incoming supplier invoices.

Since more than 80% of HEFAME's incoming invoices were automatically processed by eFLOW without any human intervention, HEFAME decided to upgrade to the latest version of TIS' leading software, eFLOW3.

eFLOW3 is an end-to-end solution that streamlines total information flow. eFLOW significantly reduces resources and processing time by employing intelligent recognition technology, cutting-edge document logic and optical character recognition, to rapidly and precisely extract invoice information and seamlessly streamline the information into SAP R/3.

"An important factor behind our selection was the solution's ability to efficiently process large volumes of incoming information while communicating with our existing SAP system to ensure the highest quality of information," stated José Zarco, Financial Department Manager of HEFAME. "We spent six months evaluating numerous competitive products, but TIS was the only company that could implement an enhanced solution with no down time. After 18 months of successful operation, we have strong confidence in eFLOW and trust TIS' technology and services to grow with our needs. Our customers benefit daily from these improved services."

"HEFAME desired an automated invoice processing solution that is flexible enough to grow with the company's future needs," said Gideon Shmuel, VP Sales and Marketing of TIS. "We are proud to have provided HEFAME with a solution that can be easily adjusted and fully integrated with its operational SAP system. By employing the SAP-user access permission concept, user rights for additional systems are not necessary. This maintains a high degree of transparency, security, accessibility and unlimited growth potential within the accounting department."

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' 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 www.TopImageSystems.com 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
    Investor and Public Relations Manager
    Top Image Systems Ltd.
    +972 3 7679114
    Email Contact