ReadSoft signs 312,000 USD invoice automation deal with top fund manager
A leading global investment fund management company that manages billions of dollars worth of clients’ funds has chosen to automate its invoice processing with ReadSoft. The invoice automation deal is worth 312,000 USD and was signed during the second quarter of 2011.
The North American-based company offers institutional and intermediary clients and individual investors complementary asset management disciplines including growth and risk-managed strategies. The company’s decision to automate its invoice processing with ReadSoft came due to discussions with successful ReadSoft customers in North America and ReadSoft’s strong solution features and excellent reputation in the this particular application.
Manual work and time spent on processing invoices are often expensive and cumbersome. With ReadSoft’s solution, these processes are automatically performed with minimum human intervention. Invoices are automatically captured and collected on arrival from different locations and in different paper and electronic formats. They are then matched to any purchase order, distributed, and sent for approvals using an automated workflow. According to independent analysts, invoice processing automation can save millions of dollars a year for a large company.
“We are delighted to be able to help this leading investment fund manager to improve efficiency and save costs in their invoice processing,” says Jan Andersson, President and CEO of ReadSoft. “We have proven this for thousands of other customers so we are confident we can help them achieve their business goals, which means the project will be success for all involved.”
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 July 7, 2011 at 12:30 CET.
For additional information, please contact
ReadSoft AB
Jan Andersson, President and CEO
Phone: 46 708 37 66 00
Johan Holmqvist, Vice President, Corporate Communications
Phone: 46 708 37 66 77
Email: johan.holmqvist@readsoft.com
About ReadSoft
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.