TEL AVIV, Israel, Oct. 6, 2010 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA-L), the leading ECM (Enterprise Content Management) innovator of intelligent document recognition, announced today that it contracted with a leading Business Process Outsourcing ("BPO") organization to replace the current document capture solution of a Government agency mailroom in the UK with TIS' eFLOW Unified Content Platform.
The contract is valued at approximately $500,000 and calls for the capture and classification of more than 6 million documents in varying formats.
Barry Richards, Managing Director, TIS UK, commented: "We are very pleased to be working with this leading BPO in the UK and to be involved in this complex project. Top Image Systems has vast experience dealing with high volume projects worldwide, including those for government agencies. We believe the professionalism shown by the TIS team, as well as the proven capabilities of the eFLOW platform, is key for Top Image Systems continued success."
The BPO reviewed Top Image Systems (TIS) alongside other leading document capture vendors. Following a stringent in-depth evaluation process, TIS' eFLOW Unified Content Platform was shown to be the strongest solution for handling the immense quantity and variety of documents involved in the project, as well as having highest level of processing accuracy.
Using the eFLOW solution, the government agency has the potential to deliver better data quality, reduce manual tasks, and improve customer service, whilst controlling operational costs.
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 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.