Third Railway Service Provider to Implement TIS's eFLOW
The Project Further Strengthens TIS's Presence in the
Eastern European AP market
TEL AVIV, Israel, Jan. 12, 2010 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, announced today its eFLOW 4.5 has been selected by MAV Zrt., the Hungarian State Railways, a state-owned service provider, as the platform for a complete P2P (purchase-to-payment) automated solution.
With this decision, the Hungarian State Railways joins UK-based Network Rail and Canadian Rail, which are already using eFLOW-based solutions.
In line with TIS's strategy to widen its market impact by work with partners, TIS has joined forces with MAV Informatika Zrt., an outsourced IT operation fully owned by MAV, and with DoqSys Business Solutions, a leading systems integrator of corporate P2P solutions in Eastern Europe, which brings extensive expertise in ERP solutions and long-term quality service.
Aiming to reduce cost, minimize processing time, standardize processes across the company and ensure compliance with regulations, the Hungarian State Railways decided to replace the manual accounts payable process with an efficient and accurate automated solution. Through a public tender, MAV reviewed all major solution providers. With its superior solutions, proven experience in similar complex projects and world-class localized support, TIS's eFLOW software solution emerged as the clear choice. MAV was also impressed with the local installations at Diageo and Alcoa, two prominent TIS sites.
TIS's eFLOW4.5 will be integrated with Oracle ERP and full P2P BasWare workflow.
"Government agencies recognize the value of automating their document-driven business processes and appreciate the operational efficiencies and reduced business costs it brings. Our solutions transform labour-intensive, paper-centric processes into automated systems that are quick, efficient and accurate, thus providing a rapid ROI," commented Mr. Gelb, Executive VP of TIS. "This recent win, as well as our strong cooperation with MAV Informatika Zrt. and DoqSys Business Solutions, further establish our presence in the Central Eastern European market place."
About Top Image Systems
Top Image Systems is the leading innovator of enterprise solutions for intelligent document recognition, data extraction and validation of content entering organizations from various sources. Whether originating from electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization, such as ERP, CRM, IPS, PPC-systems and other operational application systems. TIS's eFLOW Unified Content Platform is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners and direct sales. Visit the company's website http://www.topimagesystems.com for more information.
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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, particularly statements regarding future operating or financial performance such as statements regarding trends, demand for our products, expected deliveries, transaction, expected revenues, operating results, earnings and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," "intends," "believes," "plans" and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking 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 TIS 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), TIS's ability to successfully integrate businesses it acquires, 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.