SOURCE: Top Image Systems Ltd.

March 08, 2006 07:00 ET

Nagase Co., Ltd. Transferred Its Healthcare Capture Business to TIS Japan

TIS Japan Expects More Than $750K in New Revenues in 2006 as It Has Obtained 14 of Nagase's Existing Customers and 45 Installations

TEL AVIV, ISRAEL -- (MARKET WIRE) -- March 8, 2006 -- Top Image Systems Ltd. (NASDAQ: TISA), the leading innovator of data capture solutions, announced today that it had signed an agreement with Nagase Co., Ltd to take over the capture business of their healthcare unit, effective February 1, 2006.

Nagase Co., Ltd is a major Japanese provider of supply related technologies, information and services to the chemical, plastics, electronics and healthcare industries, and is also a marketer of raw material and finished products for those industries. Nagase has been a customer and distributor of TIS for the last 7 years, selling TIS' software products including AFPSPro, known as FormChatcher in Japan, to the healthcare industry. As a natural evolution of this partnership, Nagase decided to transfer this business to TIS Japan. To ensure continuity and a high level of services for its customers, Nagase has also assigned four of its employees to TIS Japan.

TIS Japan will maintain the current products and operating systems while gradually upgrading them to eFLOW, the latest version of its software solution. TIS Japan's new position in the healthcare industry is expected to generate more than $750K in 2006 revenues, as well as offering new opportunities for expansion.

"The move adds important knowledge and extends our vertical reach into the healthcare market. As Japan has always been an important market for TIS, we have invested significant resources to establish a strong presence and increase our revenues from this market. We are excited by this opportunity and are confident that we will continue providing Nagase's former customers with state-of-the-art information input solutions and the highest level of services," stated Dr. Ido Schechter, CEO of TIS.

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 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