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TEL AVIV, Israel and PLANO, Texas, March 07, 2016 -- Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, announced that the company is deploying an end-to-end examination forms processing solution for a leading provider in Latin America that processes exams for public educational institutions and universities as well as processing exams for government job applicants. Upon receiving contracts to process some 20 million structured examination forms over the next five years, in 2015 the organization entered an agreement with TIS to implement an eFLOW® for examinations forms processing solution against a total contract value of $150,000 for software licenses, support and services.
After purchasing some supplementary form processing services from TIS and comparing its earlier form processing methods to eFLOW, in 2010 this customer first employed eFLOW exam processing services on an outsourced basis. Seeing that eFLOW successfully managed the high volume of forms that grew by 20% each year and employing supplementary eFLOW capabilities for QA such as pattern testing, fraud detection algorithms and exam validation controls, the customer then decided to invest in a full deployment of eFLOW.
“Following TIS’ success in Chile with SIMCE and in other countries across Latin America, TIS continues to expand its leadership in the education sector across the entire region,” commented Ricardo Campelo, General Manager, TIS Latin America. We are proud that our eFLOW technology meets the very stringent requirements for precision that characterize examination processing, as proven by the current high-volume implementation, and are confident that this success will drive further business in Latin America in both the public and private sectors.”
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.
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: Shelli Zargary Director of Corporate Marketing and Investor Relations [email protected] +972 3 767 9114 TIS Investors Contact: James Carbonara Regional Vice President, Hayden IR [email protected] + 1 646 755 7412
