SOURCE: Top Image Systems Ltd.

May 23, 2006 08:00 ET

Gold Cost City Council, Australia, Selects eFLOW to Automate Its Accounts Payable Process

First Project in the Australian Local Council Market

TEL AVIV, ISRAEL -- (MARKET WIRE) -- May 23, 2006 -- Top Image Systems, Ltd. (NASDAQ: TISA), a leading innovator of Data Capture solutions, announced today that the Gold Coast City Council (GCCC), the second largest local council in the Southern Hemisphere, has chosen eFLOW to streamline the entire invoice payment process of their Accounting Services Branch. ASI Solutios was the Systems Integrator for this project.

GCCC is implementing the solution in its accounts payable (AP) operation to automatically capture and route invoices before approving them for payment. Other areas being considered for automated capture include HR forms and other correspondence.

As one of the fastest growing regions in Australia, with the volume of invoices growing at 16% yearly, GCCC realised that their manual process would not meet future needs. After an extensive market review, GCCC selected eFLOW to automate the scanning, processing and approval of invoices. The eFLOW solution was selected due to the high level of recognition it provides and its flexibity to meet the Council's unique business requirments, including compliance assurance.

Acumen Alliance has been selected to design and manage the implementation of the complete technological solution. The solution will empower GCCC's 1200 employees with electronic access to invoice images and enable them to approve payments electronically. eFLOW will be integrated with Mincom Ellipse, the Council's ERP system, as well as Hummingbird Document Management system.

"We are pleased that the GCCC has selected eFLOW and will join a solid list of Australian users that includes the Australian Department of Defence and Hanson Construction Materials Pty Ltd.," said Ido Schechter, CEO of TIS. "This contract confirms TIS' growing presence in the Australian market and reinforces the sound relationship with our local partner, ASI. We have already proven our ability to reduce costs, provide a significant ROI, improve services and enhance regulatory compliance for enterprises and government agencies. GCCC is the first project we implemented for the Australian local council market, a market that bears great potential for eFLOW."

About ASI Solutions (www.asi.com.au)

ASI Solutions is a leading Australian-owned information technology services and solutions company. For the past 20 years ASI has built a solid reputation based on understanding and delivering technology solutions that help drive our customer's vision forward. ASI Solutions is the Australian distributor of eFLOW from Top Image Systems.

About Acumen Alliance (www.acumenalliance.com.au)

Acumen provides a wide range of management consulting services to the government and private sectors in the areas of governance, business transformation, corporate advisory, supply chain management and ERP system selection and implementation. They have achieved consistent growth over recent years due to their ability to attract experienced professionals who share common goals and values.

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. Words such as "anticipate," "project," "expect," "plan," "intend," "may," "should," "will" and similar words or expressions identify some, but not all, of these 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 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 and the healthcare business unit of Nagase (including retention and servicing of customers), 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