SOURCE: Top Image Systems Ltd.

May 08, 2007 02:00 ET

Network Rail, the Driver for UK's Rail Infrastructure, Selects Top Image Systems for Its Accounts Payable Invoice Processing Solution

A Strategic Deal for TIS, Totaling Over $250K

TEL AVIV, ISRAEL -- (MARKET WIRE) -- May 8, 2007 -- Top Image Systems Ltd. (NASDAQ: TISA) (TELAVIV: TISA), the leading innovator of data capture solutions, announced today that Network Rail, UK's rail network, has chosen the eFLOW Unified Content Platform to process its invoices and streamline the information into its Oracle system.

Network Rail runs, maintains and develops Britain's rail network including tracks, signaling systems, rail bridges, tunnels, level crossings, viaducts and 17 major stations. Britain's rail network carries 2.75m passengers per day. The company has a turnover of £3.8 billion and employs 32,000 people.

Network Rail was aiming to automate and improve the efficiency of their Accounts Payable process. It was crucial for them to find and implement a solution that was able to integrate into Oracle Financials at the earliest point possible. A decision was taken to choose a Data Capture supplier that can bring both efficiency and the flexibility through their product. A minimum level of required customization was another important factor in their choice, together with the possibility of automatically PO matching in the system.

After a comprehensive test, Network Rail found the answer to all these criteria in TIS's state-of-the-art solution, eFLOW.

The implementation of the system was done in collaboration with 170 Systems, TIS's partner, who provided Markview for the Workflow Process.

With eFLOW, 1,500 invoices are captured and processed daily at Network Rail's shared service center in Manchester, reducing manual labor and related costs.

"We are proud Network Rail has selected eFLOW to efficiently process their invoices. Once again, we proved that our solution perfectly integrates with enterprises' Oracle systems, while satisfying the strict requirements of efficiency and flexibility of the product," said Ido Schechter, CEO of TIS. "We look forward to working together with Network Rail 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:
    Sari Fadlun
    Investor Relations
    Top Image Systems Ltd.
    Tel: +972 544 330 104
    Email Contact