New Partnership Achieves Rapid Success with First Project Live in the U.S. and Four Additional Projects in Implementation
Top Image Systems Ltd. (NASDAQ: TISA) a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solutions and MIP (Mobile Imaging Platform) provider, and Hanse Orga, an independent software and consulting firm that covers all financial areas from treasury management to reconciliation solutions, today announced a global partnership to offer capture-enabled Accounts Receivable payment processing and related financial solutions for SAP® as well as for other ERP environments. Only a few weeks after initiating the cooperation, the companies have implemented a live joint FinanceSuite AutoBank Automatic Cash Application and eFLOW® AR project at a major automotive parts supplier in the U.S., and four other projects around the world have been approved and are in different phases of deployment.
With this joint approach, customers are able to automate an area of accounts receivable which used to be dominated by manual processes before: the processing of remittance advices that arrive in many different formats such as e-mail, PDF, etc via different channels. Such diversified types of remittance advices can now be captured with eFLOW® which automatically extracts, classifies and verifies the information from documents which is then fed directly into the FinanceSuite AutoBank Automatic Cash Application for further processing and automatic matching. Using the joint solutions of TIS and Hanse Orga, customers will benefit from significant time and cost savings.
Recognizing the business value of the joint solution for their customers, the two companies immediately embarked on joint sales ventures and have begun to define a joint process going forward with regards to sales pipelines, order management and implementations. A joint marketing program has already been launched, including a TIS speaker at the recent Hanse Orga European Customer Conference, plans for a joint marketing event alongside the 2015 SAP Financials Conference in Las Vegas and for TIS participation at the first Hanse Orga U.S. Customer Conference to be held in the summer. In addition, the partners are pursuing joint development activities to extend the existing joint solution to automate broader AR functionalities.
“The value of our partnership with Top Image Systems is rapidly proving itself in the field, where we already see proof positive in the form of several active customer deployments in progress worldwide, including at the U.S. operations of one of the world’s largest automotive part suppliers. We are confident that the combined high software quality and industry knowledge of both companies will serve both existing and new Hanse Orga customers and customers will benefit from significant efficiency gains in their daily A/R processes.” commented Sven Lindemann, CEO Hanse Orga.
“We have been long aware of Hanse Orga’s excellent reputation as a provider of superior quality software and services, and now we have proof that this reputation is well-deserved. We are very enthusiastic about working together with Hanse Orga to extend both our product portfolio and our customer base in Accounts Receivables and other diversified financial solutions, as well as going forward to build joint market share in the Accounts Payable sector, especially in the U.S.,” stated Michael Schrader, CEO Top Image Systems.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. 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 content across enterprise applications. TIS’ eFLOW Platform is a common platform for the company's solutions which is 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.