European retail giant turns to ReadSoft to process more than a million invoices per year

European retail giant turns to ReadSoft to process more than a million invoices per year One of Europe's largest retail groups has made a substantial investment in ReadSoft's technology for Document Automation. Aiming to accelerate accounts payable processes, the client will automatically process over a million supplier invoices per year thanks to ReadSoft's technology for electronic invoice processing. This is one of ReadSoft's largest INVOICES deals so far. The order value is E 550,000. This French-based retail company, who wishes to be anonymous at this time, is a major player in France with well-known outlets and a strong list of brand names. The client recently chose to abandon the time-consuming manual handling of supplier invoices and asked their IT department to conduct a thorough benchmark of the invoice-processing solutions available on the market. The benchmark convinced them to invest in ReadSoft's patented technology. The INVOICES software will scan, interpret and verify invoices in one of ReadSoft's largest installations ever. "We are happy to be able to improve business processes and facilitate substantial savings for one of the largest retail groups in Europe. The volume of documents to be processed is huge and the installation has the potential to grow to some 2 million invoices per year as this project evolves," says Jan Andersson, President ReadSoft. What is INVOICES? The INVOICES software is designed to recognize unstructured invoice documents and capture data such as sender, invoice number and invoice amount from anywhere on the invoice. At the same time, the software checks the data against information in the customer's business system. ------------------------------------------------ For more information, please contact --------------------------------------- ReadSoft AB Jan Andersson, President/CEO Pho: +46-(0)708 - 37 66 00 Olof Engvall, Vice President, PR & Communication Pho: +46-(0)708 - 37 66 70 E-mail: olof.engvall@readsoft.com About ReadSoft ReadSoft is the world's leading supplier of software for Document Automation. The company develops and markets a complete software platform for Document Automation named ReadSoft DOCUMENTS. The vision is to free businesses everywhere from manual document handling. Since its founding in 1991, ReadSoft has developed into a global group with 11 subsidiaries in Europe, North and South America and Australia, and a large number of local and global partners. ReadSoft is headquartered in Helsingborg, Sweden, and its primary R&D facility is in Stockholm. ReadSoft has been listed on the Stockholm stock exchange since 1999. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/06/29/20040629BIT20670/wkr0001.pdf

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ReadSoft is the worldwide market leader in the development and sales of forms processing software, that is, software for the automatic registration and interpretation of data on forms and invoices in paper or electronic format.

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