PRESS RELEASE Helsingborg Sweden November 13 2009 ReadSoft
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PRESS RELEASE Helsingborg, Sweden, November 13, 2009 ReadSoft signs Fortune 500 energy services company as latest SAP vendor invoice automation customer valued over $600,000 USD A North American Fortune 500 energy services company has selected ReadSoft’s SAP- certified invoice processing solution to automate its procure-to-pay process. The order includes the processing of more than 175,000 invoices annually and is worth approximately $600,000 USD. Due to a confidentiality agreement, ReadSoft is not at liberty to disclose the name of this Fortune 500 company. With 2008 revenue of more than $10 billion USD, the company develops energy infrastructure and provides related products and services to millions of consumers worldwide. The company sought a technology solution that would allow the company to operate an efficient and cost-effective procure-to-pay process. After thorough evaluation of several solutions, ReadSoft was announced as the selected vendor based on a number of criteria. ReadSoft’s knowledge and experience in the accounts payable automation market and its tight integration into SAP were stated as meeting the company’s requirements best. With ReadSoft’s SAP-certified solution, the company will leverage its investments already made in the SAP system, while achieving significant cost savings through reduced handling time and enhanced control over the complete procure-to-pay process. Incoming invoices will be automatically processed in the existing SAP system, eliminating inefficient paper handling and manual processes such as data entry, data verification, and manual distribution of invoices or other related documents. “Large multinational companies are one of our focus areas, and our solutions are well suited for handling the extensive requirements of such organizations, "says Jan Andersson, CEO at ReadSoft. “We are also very pleased that our customers have chosen to give priority to such a major investment in our technology despite the current market conditions.” ---------------------------------------------- For additional information, please contact -------------------------------------- ReadSoft AB Jan Andersson, CEO, ReadSoft Phone: +46 708 – 37 66 00 About ReadSoft ReadSoft is a leading global provider of software solutions for Document Automation. ReadSoft’s software enables companies to automate document processes such as data entry, classification, ERP matching, workflows, e-invoicing etc. The results are faster and less expensive document processing, and increased control. ReadSoft is by far the world’s number one choice for invoice automation solutions. Since the start in 1991, ReadSoft has grown to a worldwide group with operations in 16 countries on five continents and a network of local and global partners. The head office is located in Helsingborg, Sweden, and the ReadSoft share is traded on the Nasdaq OMX Nordic Exchange Small Cap list. For more information about ReadSoft, please visit www.readsoft.com.