Top Image Systems Ltd.(NASDAQ:TISA), a global innovator of intelligent content processing solutions, announced today signing upsell contracts with two long-standing customers that are leaders in the global logistics sector. Two of the world’s leading global logistics suppliers have signed agreements for license upgrades and extensions of their current eFLOW® deployments. The two projects together have an initial order value of approximately $250,000, not including recurring revenues; the Company also estimates receiving from these projects an additional $100,000 in professional services during the financial year as well as additional revenues against potential further rollouts.
One eFLOW5 upgrade project in Germany will include installations of new eFLOW5 modules for real-time document processing performance monitoring. The current upgrade project automates the processing of tens of thousands logistics documents into SAP. Deployment of the latest eFLOW5 technology will enable better automation, easier onboarding of users thanks to web clients and improved achievement of Service Levels.
Another European logistics project will involve capture and processing of invoices and shipping bills similar to a first implementation deployed in Israel by the licensed operator of this global logistics supplier. The new project elsewhere in Europe is a first step towards a wider rollout of the system to other countries and serves as a proof of concept for this opportunity.
“In the data-intensive logistics sector, TIS’ document process automation solutions play a critical role in accelerating processes and reducing costs without compromising on accuracy,” commented Michael Schrader, CEO, Top Image Systems. “Known for our superior performance in projects involving highest document volumes and complex classifications, over the years Top Image Systems has accumulated numerous customers in the logistics sector worldwide. As we further develop our content process automation solution eFLOW, we are confident that we will continue to supply our logistics customers with superior process automation solutions that let them maintain their competitive edge. With our new cutting-edge mobile and cloud solutions we foresee strong opportunity for growth in this vertical.”