SOURCE: Top Image Systems Ltd.

April 17, 2007 02:00 ET

Top Image Systems Wins 7 New Projects in Germany

EUR 1.5 Million Expected in 2007 Revenues From Seven New Projects

TEL AVIV, ISRAEL -- (MARKET WIRE) -- April 17, 2007 -- Top Image Systems Ltd. (NASDAQ: TISA), the leading innovator of data capture solutions, announced today that seven new German customers have chosen the eFLOW platform to automate and improve the efficiency of their information input processes.

"2006 was an exceptional year for TIS in Germany, in operational as well as financial aspects, with the highest level of revenues generated in the history of the company, in Germany alone," commented Dr. Ido Schechter, CEO of Top Image Systems. "Towards the end of the year, our team succeeded in securing several exciting deals that involved our invoice processing solutions, including the tight integration with SAP systems, and our advanced solution for digital mailroom. Our solutions were purchased by large, satisfied, existing customers as well as many new customers."

The experience accumulated through a great number of projects across the world, and especially in Germany, has allowed TIS to upgrade and fine-tune its solution for accounts payable and receivable as well as for automated mailroom. As a result, TIS has a unique state-of-the-art automatic processing solution for invoices and purchase orders that demonstrates tight integration with SAP and includes a complete approval workflow. This solution can be deployed and integrated in any enterprise accounting environment.

Among the new customers that acquired TIS solutions for invoice and purchase orders processing are companies such as:

SITA Deutschland GmbH, one of the leading private waste management enterprises in Germany and a subsidiary of the French energy-, water-, and waste-management Enterprise SUEZ.

WAZ Media Group, one of the most significant European media groups. With printing plants in 17 locations across Europe, WAZ publicises 38 newspapers, 108 trade publications, 133 advertising journals, and about 250 customer magazines. Their flagship product is the Westdeutsche Allgemeine Zeitung, the leading regional newspaper in Germany.

The HCI Group was founded in 1985 and creates closed-end funds in shipping, real estate, private equity fund of funds, and the secondary life insurance market, as well as asset creation plans.

SCHOTT, a technology-driven international group that manufactures and supplies household appliance industry, pharmaceutical packaging, optics and opto-electronics, information technology, consumer electronics, lighting, automotive engineering, and solar energy.

EnBW Energie Baden-Württemberg AG, the third largest energy company in Germany. EnBW focuses on the electricity and gas segments as well as energy and environmental services.

Gruenenthal, a global leading research, development, and production pharmaceutical company.

And The LAPP Group is an international manufacturer and market leader of branded articles in the area of cable technology.

"TIS took a strategic decision to strengthen its presence in Germany, the cradle of the data capture technology, and to focus on flexible, standard solutions for automated mailrooms as well as invoice and purchase orders processing, often in SAP-based environment. Our eFLOW is a robust platform that includes all of these solutions, thus flexibility and modularity are easily achieved," said Gideon Shmuel, VP Sales and Marketing of Top Image Systems. "To extend the Company's focus on the German market, at the beginning of 2007, we opened an office in Munich. Through the year, we plan to further strengthen our German team. We greatly appreciate this market and intend to continuously develop and improve our solutions for the local market, especially those for the healthcare and insurance segments."

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.
    +972 3 7679137
    Email Contact