Top Image Systems Signs Upsell Contracts with Total Contract Value of Over $350,000 with Long-standing Customers that Lead th...
May 25 2016 - 9:32AM
Top Image Systems Ltd. (NASDAQ:TISA), a global
innovator of intelligent content processing solutions, announced
today signing upsell contracts with two long-standing customers
that are leaders in the global logistics sector. Two of the
world’s leading global logistics suppliers have signed agreements
for license upgrades and extensions of their current eFLOW®
deployments. The two projects together have an initial order value
of approximately $250,000, not including recurring revenues; the
Company also estimates receiving from these projects an additional
$100,000 in professional services during the financial year as well
as additional revenues against potential further rollouts.
One eFLOW5 upgrade project in Germany will include installations
of new eFLOW5 modules for real-time document processing performance
monitoring. The current upgrade project automates the
processing of tens of thousands logistics documents into SAP.
Deployment of the latest eFLOW5 technology will enable better
automation, easier onboarding of users thanks to web clients and
improved achievement of Service Levels.
Another European logistics project will involve capture and
processing of invoices and shipping bills similar to a first
implementation deployed in Israel by the licensed operator of this
global logistics supplier. The new project elsewhere in Europe is a
first step towards a wider rollout of the system to other countries
and serves as a proof of concept for this opportunity.
“In the data-intensive logistics sector, TIS’ document process
automation solutions play a critical role in accelerating processes
and reducing costs without compromising on accuracy,” commented
Michael Schrader, CEO, Top Image Systems. “Known for our superior
performance in projects involving highest document volumes and
complex classifications, over the years Top Image Systems has
accumulated numerous customers in the logistics sector worldwide.
As we further develop our content process automation solution
eFLOW, we are confident that we will continue to supply our
logistics customers with superior process automation solutions that
let them maintain their competitive edge. With our new cutting-edge
mobile and cloud solutions we foresee strong opportunity for growth
in this vertical.”
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
shelli.zargary@topimagesystems.com
+972 3 767 9114
Investors:
James Carbonara
Regional Vice President,
Hayden IR
james@haydenir.com
+ 1 646 755 7412
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