ReadSoft closes large deal with European transport group

ReadSoft has been entrusted to install a system for electronic invoice processing at one of the largest transport companies in the World. The customer, who wishes to be anonymous at this time, will automate the handling of some 30 million invoices per year and estimates substantial savings by using ReadSoft’s technology for Document Automation. The order value is initially USD 850,000.

The deal with this global transport group was closed right before the end of last year and is one of ReadSoft’s largest single deals during 2004. The customer handles very large amounts of invoices and the processing has up until now been handled manually at financial departments around the world. In order to increase business efficiency, the customer chose to invest in ReadSoft’s software for electronic invoice handling, ReadSoft DOCUMENTS for Invoices. The solution will eliminate manual reading and interpretation of invoices and will enable a fully electronic workflow where paper invoices are no longer shuffled around the company. ”We are very happy about this deal, both for its substantial order value and for its future importance as reference. Our solution for electronic invoice processing will provide this customer with substantial value and increased business efficiency. Later on, we hope to be able to present the name of this large customer, but at this time we respect our client’s wish to remain anonymous, says Jan Andersson, President at ReadSoft. What is ReadSoft DOCUMENTS for Invoices? The 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. Approximately 100 million invoices are processed every year by ReadSoft software around the world and it was the first solution to be certified by SAP. Almost 100 customers have already integrated the software with SAP R/3, making it the most widely used invoice processing integration by far. In total, ReadSoft has over 900 Invoice-processing customers worldwide. ------------------------------------------------ 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