|By Marketwire .||
|February 27, 2007 05:00 AM EST||
TEL AVIV, ISRAEL -- (MARKET WIRE) -- 02/27/07 -- Top Image Systems Ltd. (NASDAQ: TISA) (TELAVIV: TISA), the leading innovator of data capture solutions, announced today that it received an "Honorable Mention" by VIP Magazine as part of its annual Application of the Year Award.
VIP, the leading document management magazine in the Netherlands, organizes this event each year. TIS was nominated for the solution it provided in cooperation with Oracle to automatically capture and process Office Depot's incoming fax orders.
Mr. John de Waard, chairman of VIP's jury, explained, "Despite a growing digital world around it, Office Depot still receives faxes for many of its orders. These need to be processed adequately. Aiming to improve the operation, Office Depot decided to centralize the fax order process and introduce advanced recognition technology. As a result, the company saved 60% on FTE (full-time employees) alone. Similar success stories are seldom found in the marketplace; enough reason for the jury to grant Office Depot, Top Image Systems and Oracle an honorable mention in the VIP Application of the Year 2006 award."
"We are truly honored that the jury granted TIS an honorable mention," said Gideon Shmuel, VP Sales and Marketing of TIS. "This award is a further proof of our ongoing commitment to offering our customers solutions that meet their information management needs."
At this initial stage, TIS's eFLOW automatically captures, verifies and processes more than 5,000 handwritten orders that arrive every day by fax to Office Depot's European Customer Care center in Venlo, The Netherlands, from many different locations. The data is validated against information that exists in Office Depot AS400 order system and Oracle Content DB. At the end of the process, the extracted information, along with the actual images, is archived in Oracle Content DB.
By combining TIS's eFLOW platform with Oracle Content DB for archiving, the customer receives a complete content management and archiving solution for managing organizational information through its entire lifecycle; from initial capture through management, storage and retrieval.
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.
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. 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 the Company 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), the Company's ability to successfully integrate TIS Japan, 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.
Director of Marketing and IR
Top Image Systems Ltd.
+972 545 330537