TEL AVIV, Israel, June 18, 2008 (PRIME NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, and Beck IT GmbH, the leading developer for standard-add-ons in the SAP business workflow sector, today announced an extended alliance for the SAP accounts payable market.
Dr. Ido Schechter, CEO of TIS, commented, "With over 43,000 customers in more than 120 countries, SAP is one of the most widely used business systems in the world. We have been using the Beck IT solution for this market for more than two years through a third party. We will now have direct access to the best experts in the SAP arena as well as to the complementary products for electronic invoice processing which Beck IT has already developed. Our direct partnership with Beck IT strengthens TIS's offering in this segment and better positions us as the world leader of solutions for electronic invoice processing products based on SAP. We now view Beck IT as an extension of our own business and will work with them extremely closely to provide our customers with a high level of quality and functionality."
Through the cooperation with Beck IT, TIS's information input solution, eFLOW, seamlessly integrates into SAP R/3. The information captured from incoming supplier invoices is converted into parked SAP invoice document and activates a SAP based approval workflow. The combined solution greatly increases TIS's ability to sell this solution to SAP customers around the world. Further, Beck IT will offer TIS solutions and support to its customers, and both companies will collaborate to develop new features based on customer feedback.
"Our strong integration with TIS's eFLOW solution creates a high-performance product line that companies can utilize to increase productivity and optimize cash management," commented Reinhard Beck, CEO of Beck IT. "TIS has vast experience and a deep understanding of the global AP market. Using TIS's global sales and distribution channels, as well as superior information input solution, we can now offer a complete solution and expand our market reach."
About Beck IT GmbH
Beck IT GmbH is a leading supplier of standard add-on software solutions for SAP workflow applications. Beck IT developed the global solution maxflow(r) and the SAP certified interface maxpost(r) for automated processing of incoming invoices. Beck IT supports medium-sized and large-scale enterprises by planning, developing and introducing workflow solutions in the SAP field. The Company's solutions can be found at customers such as: Coca Cola, Merckle-Ratiopharm, Douglas perfume, Pilatus-Aircraft (CH) and Honda Germany.
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's 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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"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995:
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, particularly statements regarding future operating or financial performance. Words such as "will," "expects," "anticipates," "estimates," "intends," "believes," "plans" 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 plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, dependence on third parties to manufacture products, quarterly fluctuations in sales of products in the Data Capture market (where in general the fourth quarter is the strongest and the first quarter is the weakest), TIS's ability to successfully integrate businesses it acquires, litigation (including litigation over intellectual property rights), 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.