Allied Bakeries Selects Top Image Systems’ eFLOW® AP for SAP for Centralized, Automated Invoice Processing
TEL AVIV, Israel and PLANO, Texas, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Top Image Systems Ltd., (NASDAQ: TISA), a global innovator of intelligent content processing solutions, announces that Allied Bakeries has signed a contract with Top Image Systems, a preferred supplier, to implement an automated invoice processing solution that is integrated with their SAP system.
Allied Bakeries is a wholly owned subsidiary of the Associated British Foods (ABF) Group, which totaled £15.4bn in revenue in 2017. The ABF Group comprises five business segments—Grocery, Sugar, Ingredients, Agriculture, and Retail. Allied Bakeries operates within the Grocery segment, manufacturing such UK household brands as Sunblest, Kingsmill, Allinson’s, and Burgen.
Allied Bakeries operates a Shared Services Center (SSC) in Liverpool, England, for its centralized Accounts Payable function, which services the company’s UK branches. In 2017, Allied Bakeries embarked on a rigorous market evaluation of invoice automation technology providers, resulting in an extensive tender procurement process. With the entire Finance system landscape supported by their SAP platform, it was vital to ensure that full compatibility, cost efficiency, and flexibility were adhered to during their evaluations.
In the end, Allied Bakeries selected Top Image Systems to provide its eFLOW AP for SAP solution, an accounts payable automation solution with SAP-certified integration. TIS eFLOW AP for SAP will provide Allied Bakeries with full OCR and automated workflow components, fully integrated within the Allied Bakeries SAP system. Accounts Payable staff can access eFLOW AP for SAP through a single user interface, in their familiar SAP environment, to maximize process efficiency. The initial implementation will handle in excess of 100,000 invoices per year, incorporating a variety of source input formats.
“Top Image Systems’ eFLOW system is a comprehensive solution and a perfect fit for all the Allied Bakeries Accounts Payable requirements. After a very thorough selection process, I felt that TIS delivered a clear picture of how their eFLOW solution would deliver immediate benefits for Allied Bakeries and the agility to continue to support our business as it progresses into the future,” said Sean Don, Head of Operations, Allied Bakeries Business Services Centre.
“We are committed to delivering innovative solutions to help Finance teams drive down transaction costs through continuous process improvements, as well to providing real-time visibility into their finance operations,” said Brendan Reidy, CEO of Top Image Systems. “We were pleased to work with Allied Bakeries as they conducted their in-depth evaluation of the top suppliers of accounts payable systems and are proud that they selected Top Image Systems as their preferred provider. Allied Bakeries is part of Associated British Foods, with operations in 50 countries, and we are excited to be selected for this strategic system deployment.”
About Top Image Systems Top Image Systems™ (TIS™) Ltd. is a global innovator of on-premise and cloud-based applications that optimize content-driven business processes such as accounts payable operations, remittance processing, integrated receivables, customer response management and more. Whether originating from mobile, electronic, paper or other sources, TIS’ solutions automatically capture, process and deliver content across enterprise applications, transforming information entering an organization into useful and accessible electronic data, delivering it directly and efficiently to the relevant business system or person for action with as little manual handling as possible. TIS’ 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 https://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.
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