TEL AVIV, Israel, Sept. 23, 2008 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (TIS) (Nasdaq:TISA) (TASE:TISA), the leading innovator of intelligent document recognition, today announced that Leica Microsystems has selected TIS to automate its invoice processing operation for twelve European countries at a shared service center in Wetzlar, Germany. Leica Microsystems is a leading global designer and producer of optical systems for the analysis of microstructures.
Leica Microsystems chose TIS's eFLOW Invoice Reader and eFLOW Ability after a competitive benchmarking process against solutions from many of TIS's major competitors, in order to reduce costs and increase efficiency across its accounts payable operation. Importantly, TIS's German office illustrated eFLOW's superior technology, advanced recognition capabilities, and simple user interface, as well as the availability of comprehensive, local support. Further, with the inclusion of TIS's eFLOW Ability, the solution integrates seamlessly into Leica's existing SAP and Saperion systems.
Dr. Ido Schechter, Chief Executive Officer of TIS commented, "With this deal, TIS has illustrated its leadership position in the highly-competitive German market, where every major deal is contested. Our industry-leading solutions offer a solid value proposition for invoice processing automation, and we are pleased that Leica Microsystems chose to work with our German team to meet its goals."
Kai Schweikert, Manager Legal Accounting Business Units Europe for Leica Microsystems, commented, "From a technical and strategic perspective, the solution from TIS provided the best scenario for us. In terms of efficiency, accuracy, integration and usability, eFLOW outshined the other solutions we examined, and exceeded our internal benchmarks."
Following a short implementation period, Leica Microsystems' German shared service center now uses eFLOW Invoice Reader to more efficiently process approximately 200 thousand invoices in various languages and formats from twelve European countries.
About Leica Microsystems
Leica Microsystems is a leading global designer and producer of innovative, high-tech, precision optical systems for the analysis of microstructures. It is one of the market leaders in each of its business areas: Microscopy, Confocal Laser Scanning Microscopy with corresponding Imaging Systems, Specimen Preparation, and Medical Equipment. The company manufactures a broad range of products for numerous applications requiring microscopic imaging, measurement, and analysis. It also offers system solutions for life science including biotechnology and medicine, research and development of raw materials, and industrial quality assurance. The company is represented in over 100 countries with 10 manufacturing facilities in 8 countries, sales and service organizations in 19 countries and an international network of dealers. The international management is headquartered in Wetzlar, 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 30 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, 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.