TEL AVIV, Israel and PLANO, Texas and ROTHERHAM, United Kingdom, Aug. 22, 2017 (GLOBE NEWSWIRE) -- Top Image Systems Ltd., (NASDAQ:TISA), a global innovator of intelligent content processing solutions, and Parseq, one of the leading business process outsource service providers in the UK, announce today that in 2017 the two companies have signed a new seven-figure contract for the next four years for eFLOW® platform licenses across Parseq service offerings. In addition to Financial Process Automation (FPA) and payment processing, Parseq will also extend its offering of eFLOW services to its clientele to the areas of mail management. This extension follows a decade of mutually beneficial cooperation providing enhanced, SaaS-based accounts payable and multichannel services leveraging the eFLOW platform to leading companies across the UK.
Offering highly regulated, multichannel business services, Parseq provides customer contact, mail fulfilment, document management, finance & accounting, and data hosting services. Processing £15 billion electronic payments, digitizing 25 million customer correspondence documents, and handling over 70 million calls every year, Parseq delivers business intelligence and ROI far greater than its customers could achieve in-house. By enabling its customers to outsource aspects of their business, Parseq helps organizations to refocus their skilled staff on their core business. Parseq’s client base includes the UK’s top ten banks as well as leaders in the utilities, insurance, telecom and governmental sectors. Parseq also provides invoice processing services across a wide cross-section of markets and customer types.
For its accounts payable services, Parseq selected eFLOW as its core building block. Parseq leverages eFLOW’s expert multichannel invoice data capture, OCR technologies, and optimized user interface for exception handling, as well as eFLOW’s ability to validate invoices against client-specific rules. After five years of successful supplier–client relations, Parseq and TIS upgraded their relationship to a partnership model. The Parseq development team underwent advanced internal TIS eFLOW invoice training, which enabled Parseq to offer its customers even more highly customized products. Having upgraded the electronic funds transfer platform driving its service to the majority of the Tier One UK banks, Parseq, with the assistance of TIS, collaboratively designed and built a system that processed some 15 billion British pounds by 2015.
“In a market in which customers are increasingly demanding best practice delivery that is tailored to their requirements, the flexibility of TIS’ eFLOW platform is increasingly advantageous,” commented Craig Naylor-Smith, Managing Director - Finance & Administration, Parseq. “Combining our services architecture with eFLOW allows us to balance rigor and flexibility to maximize reusability while adapting to specific client needs. Our partnership with Top Image Systems gives us a competitive advantage to satisfy our customers’ dynamic needs.”
“Business process outsourcing has become a highly differentiated sector in which the most successful companies are those that are able to provide tailored services that meet their clients’ changing requirements in innovative and effective ways,” commented Barry Richards, Alliances Director, EMEA for Top Image Systems.
“We are extremely pleased by the continued expansion of our partnership with Parseq, who by leveraging our accounts payable solutions have been able to stay abreast of market trends, retain customers and win new business. Marking a decade of successful cooperation, we foresee healthy growth of our joint technology sales in the outsourcing sector, in particular of SaaS – based solutions in the area of accounts payable and financial process automation,” said Brendan Reidy, CEO of Top Image Systems.
About Parseq
Parseq provides multi-channel services to help organizations acquire new customers, retain market share and improve operational efficiency. Services include customer contact, mail fulfilment, document management, finance and accounting, and data hosting. Providing clients with measurable benefits has helped Parseq grow into one of the UK’s leading service providers, employing over 2,000 working across five UK sites. Parseq’s clients include the UK’s top ten banks, leading utility providers, local authorities, insurance and telecoms companies. Over the past 30 years Parseq has grown into one of the UK’s leading multi-channel service providers supporting companies large and small and across the public and private sector. For more details, visit www.parseq.com.
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 www.topimagesystems.com for more information.
Top Image Systems 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.