TEL AVIV, Israel, Aug. 2, 2010 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading ECM (Enterprise Content Management) innovator of intelligent document recognition, today announced that the company's focus on the banking market has yielded a strategic contract with one of the world's leading international banks. The bank selected TIS' Banking Platform for more than 1,500 branches across Asia, Africa, Europe, and the Americas. The project starts with a $1 million order.
TIS' Banking Platform empowers banks, its customers, and its business partners to collaborate successfully, anywhere, anytime, faster, and more accurately. The Banking Platform is a single portal through which all corporate data – both paper and digital – is processed, understood, classified, and delivered through the business processing chain for action. From core banking functions to e-business initiatives, the multiple applications, which are built on a single platform, address the unique needs of local and global banks. In this project, TIS' Banking Platform will enable front and back office automation, while ensuring lower total cost of ownership.
Ido Schechter, TIS CEO, explains, "The dedicated solution we offer to banking and financial customers is being used successfully by several major players in this market. Our experience in understanding the specific needs of these customers, combined with our superior technology, yield interesting opportunities across the globe."
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 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," 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, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, 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.