Top Image Systems Inc fka TISA

[midastouch017]

Dutton Associates Announces Investment Opinion: Top Image Systems Strong Buy Rating In Initiating Coverage By Dutton Associates
Monday November 28, 12:00 pm ET

EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Nov. 28, 2005--Dutton Associates initiates coverage of Top Image Systems (Nasdaq:TISA - News) with a Strong Buy rating and a 12 month price target of $4.00. The 28-page report by Dutton senior analyst Rafael Kapelinski is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

In our view, Top Image Systems (TIS) should increasingly emerge as a new leader in the software used for content capture market. TIS has a very strong technology portfolio that positions the Company in the higher end of the content capture market, where it competes primarily against Captiva Software Corporation (Captiva), which was recently acquired by EMC. Based on our interviews with system integrators and the Company's customers, we believe that TIS's next-generation eFLOW(TM) Version 3.0 is seeing very strong traction in the enterprise market. The Company has a strong management team, a clear strategic vision and a growing customer base. In March 2005, TIS announced the availability of eFLOW(TM) Version 3.0, the Company's next-generation flagship content capture platform. Based on the .Net technology, fully integrated and totally process based, the platform, in our view, has catapulted TIS into the content capture super league, allowing it to compete effectively against larger and more established market players. The software for content capture market is growing quickly as companies are deciding that they have to process paper-originated documents more quickly and effectively. Growth prospects are strong beyond 2006. Market penetration remains low: only approximately 15% of all businesses that could benefit from image capture technology have done so. TIS is trading at a significant discount relative to the few publicly traded peers in the content capture market.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 27 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 120 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $17,000 from the Company for 2 Research Reports with coverage commencing on 11/25/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.


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