Top Image Systems, Ltd., a global innovator of intelligent content processing solutions, today announced its financial results for the fourth quarter and year ended December 31, 2016.
Brendan Reidy, CEO of Top Image Systems, commented, “I joined Top Image Systems with a conviction that our blue-chip customer base, the Company’s solid technology, knowhow and talented, experienced professionals will bring to market additional innovative process automation solutions. I am committed to delivering value to our customers and shareholders by focusing on three key priorities to transform our business. By introducing continuous efficiency improvements into our operations, protecting our core remittance and forms processing business and making prudent investments in high velocity cloud applications that target the underserved mid-market for accounts payable automation, we aim to transform our company into a high growth cloud applications and services business.”
“To realize ongoing efficiency improvements, we continued the restructuring launched earlier in the year and initiated a consolidation of our European operations into a single, streamlined region under a single layer of management. Additionally, we are consolidating our U.S. operations into our Plano, Texas location which will save about $1.0 million in annual expenses. We are now focusing on making additional investments to protect our core eFLOW® document capture business as well as on better leveraging our existing remittance business with leading financial providers and banks in the U.S.,” commented Mr. Reidy.
Mr. Reidy concluded, “With these improvements to our operations in progress, we can better focus on our investments in the cloud-based accounts payable applications software segment, aimed to compress sales cycles and generate more predictable recurring revenues, with an ambition to generate sustainable top-line revenue growth. I am unwavering in my belief that it is of vital importance to deliver high quality products that ensure high levels of customer loyalty and drive repeat business, all of which, will over time deliver augmented value to our shareholders.”