ReadSoft completes acquisition of 50 percent stake in Consit Development

ReadSoft has today completed the acquisition of a 50 percent share stake in Consit Development ApS. ReadSoft’s Board of Directors has decided to increase ReadSoft’s share-capital with 367.171 shares to Consit Holding ApS, owners of Consit Development. The purchase price is paid in the form of a rights offering approved by the ReadSoft shareholders' meeting on 22 April 2004.

The new issue of shares increases ReadSoft´s share-capital with 36.717 SEK. The newly issued shares shall carry the same right to share dividend etc as former ReadSoft series B shares. The new shares are entitled to share dividend the current financial year. The seller has undertaken to keep at least 75 percent of the shares in ReadSoft for at least 1 year from the transaction date, 50 percent of the shares for at least 2 years and 25 percent of the shares for at least 3 years. The share issue will have a diluting effect of 1.2 percent of ReadSoft´s share-capital and 0.8 percent of the votes. The total purchase price for 50 percent of Consit Development ApS amounts to MSEK 10.6 The acquisition will give ReadSoft an opening into the Oracle world, as well as direct access to software and Oracle expertise which will enable the effective application of ReadSoft's electronic document management products within Oracle's e-Business Suite financial system. The deal is expected to have a positive impact on ReadSoft's earnings per share, even during the current year. About Consit Consit is an independent consulting organisation that has specialized in implementing, developing and servicing solutions based on Oracle's products and tools. Consit offers services for the implementation, upgrading and maintenance of Oracle's business system, Oracle e-Business Suite. Consit was established in 1997 and now employs 50 people in Denmark and Sweden. Consit is an Oracle Certified Advantage Partner.