SOURCE: Top Image Systems Ltd.

June 13, 2007 02:00 ET

Hormel Foods Selects TIS's eFLOW for a Complete Invoice Processing Solution

System Results in Savings of up to 35 Percent Each Year

TEL AVIV, ISRAEL--(Marketwire - June 13, 2007) - Top Image Systems Ltd. (NASDAQ: TISA) (TELAVIV: TISA), the leading innovator of data capture solutions, announced today that Hormel Foods, a US-based multinational manufacturer and marketer of branded consumer meat and food products, has implemented eFLOW to streamline its entire invoice process.

Over 25,000 active vendors send their invoices to Hormel's over 20 production facilities and offices every year. All the invoice information must be analyzed against and transferred into Oracle 11i for processing before they are paid.

To meet Hormel's needs for a complete invoice processing solution, from capture to payment, TIS has teamed with 170 Systems Inc. This US-based leader in delivering software solutions that manage and optimize financial processes and TIS, have integrated their technologies to deliver an automated financial capture solution that streamlines business processes, reduces costs and strengthens internal controls.

Before implementing the eFLOW solution, Hormel's vendor invoices were routed between the company's offices for approval before they were manually entered into Oracle 11i for payment. Utilizing eFLOW advanced technology and connectivity to ERP systems, Hormel is now able to scan all invoices as they arrive. The automatic processing and matching against Oracle 11i is done electronically, using 170 Systems' solution, in a central location. Hormel's efficiency has improved by converting from a cumbersome paper-based process to a highly automated digital one.

"One of the reasons Hormel chose eFLOW is the ease with which this solution can be customized to our specific needs and business culture, and scaled to match with other requirements we may have in the future," said James N. Sheehan, vice president and controller, Hormel Foods. "eFLOW's tight integration with 170 Systems' solution for the Oracle 11i system and recognition capabilities are translated into reduced manual labor and improved accounts payable operation, with total project savings up to 35 percent each year."

"Hormel desired a comprehensive invoice processing solution that is flexible enough to grow with the company's needs," said Ido Schechter, CEO of TIS. "TIS has proven experience in high-volume invoice processing projects and our eFLOW perfectly fits the requirements and business culture of companies like Hormel. We are pleased to have provided an accurate and efficient complete invoice processing solution that met Hormel's needs."

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 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
    Director of Marketing and IR
    Top Image Systems Ltd.
    +972 3 7679110
    Email Contact