TIS's eFLOW to Classify 30 Million Documents for Computershare, a World Leading Financial Services Provider to the Global Securities Industry
February 1, 2010 2:30 AM EST
TEL AVIV, Israel, Feb. 1, 2010 -- Top Image Systems, Ltd. (Nasdaq: TISA) (TASE: TISA), the leading innovator of intelligent document recognition, and Raven Imaging, a specialist in the supply and maintenance of imaging software, hardware and storage equipment in South Africa, announced today that they have been selected by Computershare South Africa to process, index and classify more than 30 million documents and convert them into electronic records.
Computershare South Africa is a subsidiary of Computershare Limited, the world's leading financial services and technology provider to the global securities industry. Computershare South Africa provides services to 83 percent of the companies listed on the Johannesburg Stock Exchange (JSE).
TIS's eFLOW will enable Computershare South Africa to convert its stock exchange listed clients' share transfer records into electronic records. These records comprise of eight different forms including share transfer forms, share certificates, dematerialisation receipts and similar documents evidencing shareholders rights to listed securities.
In order to ensure the highest level of local support, TIS has joined forces with Digital Archiving Systems (DAS), a leading hosted content management and advanced forms processing technology provider throughout the African continent.
Ronald Melamed, owner of DAS commented: "Using TIS's eFLOW, an average of 22,000 documents are processed per day. The main advantages of eFLOW in this project are its ability to substantially reduce the manual capture requirements over the full range of forms and other documents being processed and to be able to deal with the wide range in quality of the images. eFLOW therefore not only reduces editing costs, but also improves the accuracy of the metadata. In addition, the statistics produced by eFLOW are useful in generating meaningful production reports."
Jonathan Scott, the CEO of Raven Imaging remarks that, "eFLOW is the only document recognition system that has been capable of meeting the requirements of this very demanding project. Its high intelligence levels provide it with the flexibility to interpret most of the array of images we have encountered. Our experience of eFLOW, and the support we have received from TIS and DAS in its implementation makes it our document recognition system of choice."
Mr. Gelb, Executive VP of TIS concluded: "This win further establishes our presence in South Africa and once more validates eFLOW's technological superiority. We are happy to meet the strict requirements of this high volume project that brings together strong players and present an extended offering that may serve other projects in the future."
Computershare (ASX:CPU) is a global leader in share registration, employee equity plans, proxy solicitation and other specialized financial and communication services. Many of the world's largest companies employ our innovative solutions to maximize the value of their relationships with investors, employees, customers and members.
Computershare has approximately 10,000 employees across the world and serves 14,000 corporations and 100 million shareholders and employee accounts in 17 countries across five continents. For more information visit
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, particularly statements regarding future operating or financial performance such as statements regarding trends, demand for our products, expected deliveries, transaction, expected revenues, operating results, earnings and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward looking statements. Words such as "will," "expects," "anticipates," "estimates," "intends," "believes," "plans" 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 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 TIS 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), TIS's ability to successfully integrate businesses it acquires, 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.