TEL AVIV, Israel and PLANO, Texas, May 25, 2016 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, announced today signing upsell contracts with two long-standing customers that are leaders in the global logistics sector. Two of the world’s leading global logistics suppliers have signed agreements for license upgrades and extensions of their current eFLOW® deployments. The two projects together have an initial order value of approximately $250,000, not including recurring revenues; the Company also estimates receiving from these projects an additional $100,000 in professional services during the financial year as well as additional revenues against potential further rollouts.
One eFLOW5 upgrade project in Germany will include installations of new eFLOW5 modules for real-time document processing performance monitoring. The current upgrade project automates the processing of tens of thousands logistics documents into SAP. Deployment of the latest eFLOW5 technology will enable better automation, easier onboarding of users thanks to web clients and improved achievement of Service Levels.
Another European logistics project will involve capture and processing of invoices and shipping bills similar to a first implementation deployed in Israel by the licensed operator of this global logistics supplier. The new project elsewhere in Europe is a first step towards a wider rollout of the system to other countries and serves as a proof of concept for this opportunity.
“In the data-intensive logistics sector, TIS’ document process automation solutions play a critical role in accelerating processes and reducing costs without compromising on accuracy,” commented Michael Schrader, CEO, Top Image Systems. “Known for our superior performance in projects involving highest document volumes and complex classifications, over the years Top Image Systems has accumulated numerous customers in the logistics sector worldwide. As we further develop our content process automation solution eFLOW, we are confident that we will continue to supply our logistics customers with superior process automation solutions that let them maintain their competitive edge. With our new cutting-edge mobile and cloud solutions we foresee strong opportunity for growth in this vertical.”
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS’ flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com 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. 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.