New patented technology gives ReadSoft large order

New patented technology gives ReadSoft large order The Swedish IT company, ReadSoft, has closed an important deal with Praktikertjänst. The 2 million SEK deal primarily consists of delivery of the company's new, unique software for automatic invoice handling, that is, an intelligent system that can capture all types of suppliers' invoices without prior definition. The software has a very big potential on the world market. ReadSoft estimates that all companies with more than 50 employees should be interested in the technology. Praktikertjänst, which functions as Sweden's largest private care company, will use the product to register more than 500,000 invoices per year. In their ambition to digitalise all paper documents, the company has also purchased ReadSoft's product for automatic data capture from forms, which will initially process basic data for wages. "The deal shows the potential of our new product. Eyes & Hands INVOICES* is unique on the market - no one else has been able to develop something similar. Considering the fact that one single invoice costs hundreds of crowns to handle, there is much money to be saved in automating a company's invoice handling," says Lars Thunqvist, responsible for the project at ReadSoft. Future plans include the development and marketing of several interesting, new products for automatic data capture, for example data capture from electronic documents. Jan Andersson, ReadSoft Managing Director and cofounder, says that the market potential is great, and he points out that the need for automatic data capture will grow for a long time to come: "Most of the information registration is still done manually, and as the information flow grows in society, the need for automatic capture will also grow. I am convinced that ReadSoft will remain one of the most interesting companies on the Stock Exchange. Five years ago only a few knew what automatic data capture was. In five years, it will be standard procedure." @ * The program Eyes & Hands INVOICES dynamically learns the appearance of an invoice and saves it as a template the first time an invoice is scanned. When an invoice from an already "known" supplier is scanned, it can be identified and the information is interpreted according to the saved template. In other words, the system automates the handling of invoices from both new and already existing suppliers. For more information contact: ReadSoft AB Jan Andersson, MD ReadSoft, or Kristina Kisthinios, Information Services Coordinator Pho: +46-42-490 21 00 E-mail: info@readsoft.com www.readsoft.com ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/09/19991209BIT00190/bit0001.doc http://www.bit.se/bitonline/1999/12/09/19991209BIT00190/bit0002.pdf