Global hotel and leisure company signs 1.2 MUSD multi-year contract for cloud-based invoice capture with ReadSoft
A global hotel conglomerate and existing ReadSoft customer will expand its automation footprint beyond on-premises AP automation applications through the purchase of ReadSoft Online, a cloud-based invoice capture solution. The agreement is projected to reach 1.2 MUSD over the next five years and was signed in the second quarter of 2014.
The long-time customer has leveraged the success of ReadSoft’s on-premises invoice capture and workflow solutions at its US corporate headquarters and shared service centers to date. With the addition of ReadSoft Online, the company aims to achieve incremental efficiency gains with the complete elimination of manual front-end processing at hotel sites across the globe.
The versatility inherent to cloud-based invoice capture makes ReadSoft Online an ideal fit with this hotel and leisure company’s decentralized organizational structure, providing an easy-to-use, location-independent service to over 1,000 hotel properties. With neither hardware to set up nor infrastructure to configure, the company can easily scale its AP operations by deploying ReadSoft Online to any number of properties.
“This agreement demonstrates the growth of cloud-based invoice processing both in the US and among large enterprises, said Per Åkerberg, President and CEO of ReadSoft. “It’s rewarding to see this existing customer investing to scale AP efficiencies across its global business model for maximum bottom-line impact.”
Within this press release, ReadSoft’s customer in the transaction or co-operation is not mentioned by name. This is due to the fact that they have requested to remain anonymous. This is information of the type that ReadSoft AB (publ) is obligated to disclose in accordance with the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on June 18, 2014 at 15:45 CET.
For additional information, please contact
ReadSoft AB
Johan Holmqvist, Vice President Corporate Communications
Phone: +46 708 37 66 77
Email: johan.holmqvist@readsoft.com
About ReadSoft. ReadSoft simplifies business for organizations of all sizes with applications for business processes such as accounts payable automation, accounts receivable, sales order processing, and multichannel mailroom automation. Its on-premises and cloud document process automation solutions enable some of the world’s largest corporations as well as small and medium businesses to compete and thrive in today’s environment by improving customer and supplier satisfaction, increasing operating efficiency, and providing greater visibility into business processes. ReadSoft is the world’s number one choice for invoice processing automation, and its applications integrate seamlessly with ERP systems from SAP, Oracle, Microsoft, as well as with many other business systems. Since 1991, the company has grown into a worldwide group, delivering industry expertise and support in 17 countries on six continents through its local and global partner network. ReadSoft is headquartered in Helsingborg, Sweden, and its share is traded on the NASDAQ OMX Stockholm’s Small Cap list. Visit www.readsoft.com.
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