SOURCE: Top Image Systems Ltd.

February 21, 2006 08:00 ET

World's Leading Pharmaceutical Company Selects TIS' eFLOW to Streamline Its Invoice Process

TEL AVIV, ISRAEL -- (MARKET WIRE) -- February 21, 2006 -- Top Image Systems Ltd. (NASDAQ: TISA), the leading innovator of data capture solutions, announced today that a major global research-driven pharmaceutical company has chosen eFLOW to streamline its entire invoice process, with a contract valued at more than $500,000.

Aiming to standardize its invoice circulation, review and approval, as well as create a uniform approach to face future business needs, the pharmaceutical company decided to automate its invoice process. After rigorous technological tests, TIS' eFLOW was chosen to process over 700,000 invoices a year, including line items.

The system is highly decentralized, with servers in Benelux and the USA along with clients in local branches across Europe. The extracted information is integrated with the company's existing ERP, purchasing and Document Management systems comprised of JD Edwards, Ariba and Documentum. eFLOW provides the company with an efficient process, which allows a high level of stewardship with timely payments. With eFLOW, the number of transactions per clerk was almost doubled and cost per transaction was reduced by more than 40%. Based on the success of the first stage, the system will be rolled out to subsidiaries outside Benelux and the USA.

"TIS works successfully with numerous pharmaceutical companies around the world, thus we are pleased to add another eminent enterprise to the growing list of customers," said Ido Schechter, CEO of TIS. "The project objectives were to design and implement a standard scalable invoice management system, compatible with existing back-end systems. As all objectives were achieved, the company now enjoys a unified process, based on one workflow system for purchasing and invoicing with automatic line item and receipt matching."

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. 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
    Investor and Public Relations Manager
    Top Image Systems Ltd.
    +972 3 7679114
    Email Contact