Global Automotive Supplier Selects Accounts Payable Automation From Top Image Systems
Top Image Systems Wins eFLOW® Invoice for SAP Project With TCV of Some US$200K
TEL AVIV, Israel and COLOGNE, Germany, Feb. 11, 2016 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (NASDAQ:TISA) a global innovator of intelligent content processing solutions, announced today that the Company will deploy eFLOW© Invoice for SAP at the Austrian finance center and at the document center of a German subsidiary of one of the world’s leading automotive suppliers. Running some 285 manufacturing operations and 83 product development, engineering and sales sites in 29 countries, this manufacturer will use eFLOW5 to optimize the processing of some 120,000 SAP invoices per year.
Chosen from a short list following a highly competitive multi-candidate selection process, eFLOW5 best met the manufacturer’s specific requirements; favorable pricing, a persuasive demonstration and positive local references all contributed to the decision. In parallel to the eFLOW for AP Automation deployment, the manufacturer will start to utilize the SAP FI module. This combination will enable an automated workflow, better synchronization with SAP, earlier payments, improved relationships with vendors and better cash management, as well as reduction or earlier detection of errors which saves costs. In addition, a special feature to verify VAT numbers on Austrian invoices will help the manufacturer to detect and reject fraudulent invoices.
The manufacturer expects with eFLOW to achieve high recognition rates and invoice matching to enable a high ratio of straight through processing; upon establishing a standard process, they will then be able to set additional service level indicators. In the first stage the solution will handle invoices from some 4000 vendors in Germany and Austria; later the project will expand to also handle inter-company invoices issued within the manufacturing group. Later in the future, the project will look to incorporate web and mobile eFLOW capabilities.
Michael Schrader, CEO Top Image Systems, remarked, “We are pleased to start off 2016 with a major AP Automation win in Central Europe, following many similar projects we have contracted in the German speaking countries in 2015. European enterprises are selecting eFLOW for AP Automation not only for its robust performance and accurate and complex capture capabilities, but also because of our expertise in helping enterprises better utilize their existing SAP systems. Our ability to understand and closely respond to the customer’s specific needs were key to winning this project and we are confident that our strong AP Automation software and process knowledge will expand our share in this market in 2016.”
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.
Company Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations Top Image Systems firstname.lastname@example.org +972 3 767 9114 Investors: James Carbonara Regional Vice President, Hayden IR email@example.com + 1 646 755 7412