Hallmarking a Decade of Partnership, Parseq and Top Image Systems Expand Joint SaaS Business with New Contract
August 22 2017 - 8:00AM
Top Image Systems Ltd., (NASDAQ:TISA), a
global innovator of intelligent content processing solutions, and
Parseq, one of the leading business process outsource service
providers in the UK, announce today that in 2017 the two companies
have signed a new seven-figure contract for the next four years for
eFLOW® platform licenses across Parseq service offerings. In
addition to Financial Process Automation (FPA) and payment
processing, Parseq will also extend its offering of eFLOW services
to its clientele to the areas of mail management. This extension
follows a decade of mutually beneficial cooperation providing
enhanced, SaaS-based accounts payable and multichannel services
leveraging the eFLOW platform to leading companies across the UK.
Offering highly regulated, multichannel business services,
Parseq provides customer contact, mail fulfilment, document
management, finance & accounting, and data hosting
services. Processing £15 billion electronic payments, digitizing 25
million customer correspondence documents, and handling over 70
million calls every year, Parseq delivers business intelligence and
ROI far greater than its customers could achieve in-house. By
enabling its customers to outsource aspects of their business,
Parseq helps organizations to refocus their skilled staff on their
core business. Parseq’s client base includes the UK’s top ten banks
as well as leaders in the utilities, insurance, telecom and
governmental sectors. Parseq also provides invoice processing
services across a wide cross-section of markets and customer
types.
For its accounts payable services, Parseq selected eFLOW as its
core building block. Parseq leverages eFLOW’s expert multichannel
invoice data capture, OCR technologies, and optimized user
interface for exception handling, as well as eFLOW’s ability to
validate invoices against client-specific rules. After five years
of successful supplier–client relations, Parseq and TIS upgraded
their relationship to a partnership model. The Parseq development
team underwent advanced internal TIS eFLOW invoice training, which
enabled Parseq to offer its customers even more highly customized
products. Having upgraded the electronic funds transfer platform
driving its service to the majority of the Tier One UK banks,
Parseq, with the assistance of TIS, collaboratively designed and
built a system that processed some 15 billion British pounds by
2015.
“In a market in which customers are increasingly demanding best
practice delivery that is tailored to their requirements, the
flexibility of TIS’ eFLOW platform is increasingly advantageous,”
commented Craig Naylor-Smith, Managing Director - Finance &
Administration, Parseq. “Combining our services architecture with
eFLOW allows us to balance rigor and flexibility to maximize
reusability while adapting to specific client needs. Our
partnership with Top Image Systems gives us a competitive advantage
to satisfy our customers’ dynamic needs.”
“Business process outsourcing has become a highly differentiated
sector in which the most successful companies are those that are
able to provide tailored services that meet their clients’ changing
requirements in innovative and effective ways,” commented Barry
Richards, Alliances Director, EMEA for Top Image Systems.
“We are extremely pleased by the continued expansion of our
partnership with Parseq, who by leveraging our accounts payable
solutions have been able to stay abreast of market trends, retain
customers and win new business. Marking a decade of successful
cooperation, we foresee healthy growth of our joint technology
sales in the outsourcing sector, in particular of SaaS – based
solutions in the area of accounts payable and financial process
automation,” said Brendan Reidy, CEO of Top Image Systems.
About ParseqParseq provides multi-channel
services to help organizations acquire new customers, retain market
share and improve operational efficiency. Services include customer
contact, mail fulfilment, document management, finance and
accounting, and data hosting. Providing clients with measurable
benefits has helped Parseq grow into one of the UK’s leading
service providers, employing over 2,000 working across five UK
sites. Parseq’s clients include the UK’s top ten banks, leading
utility providers, local authorities, insurance and telecoms
companies. Over the past 30 years Parseq has grown into one of the
UK’s leading multi-channel service providers supporting companies
large and small and across the public and private sector. For more
details, visit www.parseq.com.
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 www.topimagesystems.com for more
information.
Top Image Systems 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.
Contacts:
TIS Company Contact:
Camille Womack, Director of Corporate Marketing and Investor Relations
Camille.womack@topimagesystems.com (214) 256-4600
TIS Investors Contact:
James Carbonara, Regional Vice President, Hayden IR
james@haydenir.com + 1 646 755 7412
Top Image Systems, Ltd. - Ordinary Shares (NASDAQ:TISA)
Historical Stock Chart
From Apr 2024 to May 2024
Top Image Systems, Ltd. - Ordinary Shares (NASDAQ:TISA)
Historical Stock Chart
From May 2023 to May 2024