Top Image Systems Announces Consolidation of the Executive Management Team
June 08 2017 - 8:00AM
Top Image Systems, Ltd. (NASDAQ:TISA), a global
innovator of intelligent content processing solutions, today
announced a consolidation of the Executive Management team designed
to return the company to profitability and accelerate our plans to
transform the business to higher velocity cloud-based process
automation solutions, with additional focus on the U.S. market.
Key changes to the Executive Management team include:
- Yossi Dagan, Chief Financial Officer, has made a decision to
pursue other opportunities, however he will remain with the company
in a consulting capacity pending the transition of the Chief
Financial Officer function to the U.S.;
- Patti Barton, Vice President of Finance, situated in our U.S.
headquarters, will assume interim responsibility as Chief Financial
Officer. Patti is a CPA with over 20 years of experience in
finance, treasury, SEC reporting and risk management;
- John McCaffrey has been appointed Vice President and General
Manager of TIS Americas. John brings to TIS a wealth of
experience and proven track record in building high performance
organizations, delivering sustained top-line revenue growth and
shareholder value. John will instill disciplined growth of
our U.S. operations that includes sales, services and
marketing. John is a graduate of MIT Sloan School of
Management and Princeton University;
- Michael Schrader, President, will be leaving TIS. The company
will work with Michael to implement a consolidation plan in our
EMEA operations to ensure a smooth transition of his current
responsibilities;
- Andrew Pery, Chief Marketing Officer, will remain with the
company in a consulting capacity.
“These changes to the Executive Management Team are consistent
with the restructuring plans we have instituted in 2016 reducing
our operating expenses by $4.1 million. We have further
realized consolidation of our U.S. sales and marketing functions
into our Plano, Texas operations with an additional reduction of $1
million in our expenses,” commented Brendan Reidy, CEO.
“Going forward, these changes will enable us to build upon
and further strengthen our operations in the U.S.; better leverage
our extensive installed base of financial services providers, where
our solutions process $50 billion in remittance transactions
annually; focus our investments on extending our services to
cloud-based accounts payables and receivables processing; and at
the same time continue to maximize profitability from our core
forms processing solutions in EMEA and APAC-J. We are confident
that these measures lay the foundation for delivering sustainable
growth and shareholder value,” added Reidy.
“We are indebted to Yossi, Michael and Andrew for their service
and contributions to Top Image Systems,” continued Reidy. “For 17
years Michael has served in various capacities as the manager of
TIS’s German operations, then as CTO/COO/Chief Executive
Officer. Under his guidance the company achieved a leadership
position within the capture market. As CFO, Yossi has
implemented rigorous accounting and finance best practices and was
instrumental in realizing cost efficiencies and control.
Andrew has developed and implemented our cloud go to market
strategies and digital marketing programs to grow our lead and
opportunity pipeline. We thank them for their service and
wish them well in their new endeavors,” noted Reidy.
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 procure to pay 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 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.
TIS Company Contact:
Camille Womack
Corporate Marketing
camille.womack@topimagesystems.com
(214) 256-4600
TIS Investors Contact:
James Carbonara
Regional Vice President, Hayden IR
james@haydenir.com
(646) 755-7412
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