Top Image Closes $1.1M Deal With Global Power & Control Provider to Deploy End-to-End Purchase to Payment Solution

Top Image Closes $1.1M Deal With Global Power & Control Provider to Deploy
End-to-End Purchase to Payment Solution

eFLOW(R) Invoice Reader and ERP Interfaces Enable a Uniform Enterprise-Wide
Comprehensive Automated Paper and e-Invoice Processing Solution

TEL AVIV, Israel, Nov. 5, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd.
(Nasdaq:TISA), a leading ECM (Enterprise Content Management) intelligent
content capture and delivery solutions provider, today announced a
multi-phased pan-European deal valued at $1,064,000 for licenses and
maintenance to provide a comprehensive eFLOW® INVOICE, solution for invoice
processing, to a global specialist in energy management with operations in
more than 100 countries, over 130,000 employees and sales of over 29 billion
dollars in 2011.

The solution leverages the unique and flexible eFLOW® ECM platform to provide
fully automated multi-channel invoice capture and processing of pdf files
using the unique eFLOW® PDFR (PDF Reader) along with paper and e-invoice
processing, all on a single platform. This ability to provide one
comprehensive invoicing solution, along with the ability to integrate with the
company's numerous disparate ERP implementations, were the reasons that the
customer selected TIS. In the first year, the system will process 270,000
invoices and by phase 4 with added geographical locations across Europe will
process an annual volume of 1.2 million invoices, with a long-term objective
for TIS to become a global Shared Services partner to process the over 4
million invoices that the company receives globally. The project plans for a
Go Live by April 2013.

In the past, the customer processed invoices at offices across Europe and at
their manual central invoice processing site in Poland. Now using the
automated system, the customer plans for the invoicing center to process six
times its current capacity without added headcount. By automating all routine
invoice receipt, review and approval processes, eFLOW enables the accounts
payable staff to focus on exceptional issues requiring individual attention.
Moreover, the system provides all relevant authorized parties, from
Procurement to Finance to various personnel across different departments
involved in company requisitions, with monitoring and document tracking tools
for full visibility into invoicing processes.

The eFLOW solution will help the Invoice Processing Center achieve faster
cycle times and provide better service across the enterprise.The solution is
expected to improve productivity, accuracy and compliance with
regulations.Accelerated invoicing cycle times will enable the company to
engage in Supply Chain Financing and generate millions in savings by remitting
invoices in time for early payment discounts. 

"We are proud and excited for the opportunity to work with a company of this
caliber," stated Barry Richards, Managing Director, TIS UK. "We are confident
that our comprehensive invoicing solution, incorporating technologies that
manage the newest e-invoice formats, the ability to integrate with diverse ERP
applications and best-in-class workflow functionalities, will resolve this
global enterprise's current challenges and enable them to fulfill the
project's operational and business objectives, both in the initial phases of
the project as well as far into the future."

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.

The Top Image Systems logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4212

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.

CONTACT: Company Contact:
         Shelli Zargary
         Director of Corporate Marketing and Investor Relations
         shelli.zargary@topimagesystems.com
         +972 3 767 9114
        
         Investors:
         James Carbonara
         Regional Vice President, Hayden IR
         james@haydenir.com
         + 1 646 755 7412

Top Image Systems Ltd. Logo
 
Press spacebar to pause and continue. Press esc to stop.