Global manufacturing company invests 385,000 USD in ReadSoft’s solutions for invoice automation
The North American-based organization has selected ReadSoft’s SAP®-certified invoice automation solution to automate its invoice process to achieve greater cost savings and efficiency gains. The agreement is worth 385,000 USD and was signed during the third quarter 2011.
With accounts payable processing divisions dispersed across North America, this leading manufacturing company strived to centralize processing and eliminate costly manual setbacks. AP divisions routinely routed paper invoices across North America during the payment process, lacking the visibility and control critical to meet payment terms on time and capture discounts. As the company continued to grow and add AP processing divisions to support higher invoice volumes, invoice processing constraints escalated forcing cycle times to lengthen.
Seeking a paperless accounts payable system with complete SAP integration, the company selected ReadSoft’s SAP-certified invoice automation solution to eliminate manual constraints and boost AP processing performance. With ReadSoft’s end-to-end invoice automation solution seamlessly integrated with the customer’s SAP system, the company gains visibility & control over its invoice process to yield faster and less expensive financial operations.
“Paper is a costly adversary even still today for global enterprises with goals for expansion,” says Jan Andersson, CEO of ReadSoft. “Since 1991, we have partnered with companies to replace paper-driven inefficiencies with automated routines that foster growth across AP departments & Shared Service Centers by allowing them to process greater invoice volumes while reducing costs.”
As follows of this press release, ReadSoft’s counterparty in the transaction or co-operation is not mentioned by name. This is due to that ReadSoft’s counterparty has required to be anonymous.
This information is such that ReadSoft AB (publ) is to publish in accordance with the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on September 30, 2011 at 16.00 CET.
For additional information, please contact
Jan Andersson, President and CEO
Phone: 46 708 37 66 00
Johan Holmqvist, Vice President, Corporate Communications
Phone: 46 708 37 66 77
ReadSoft is a leading global provider of software solutions for Document Process Automation. ReadSoft’s software enables companies to automate document processes such as accounts payable processing, document capture, document sorting, and order to cash. ReadSoft is by far the world’s number one choice for automated invoice processing, especially into business systems from SAP and Oracle. 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 Stockholm's Small Cap list. For more information about ReadSoft, please visit www.readsoft.com.