ReadSoft to deliver world class finance function to global energy market provider in 470,000 EUR deal
ReadSoft, a leading global provider of software solutions for document process automation, has partnered with a global System Integrator to deliver a World Class finance function to an international energy market player. ReadSoft is responsible for driving document automation efficiencies in the finance function within the customer’s Supplies & Sources group. The agreement is worth 470,000 EUR and was signed in the UK during the second quarter in 2011.
As a leading player in the global energy market, with a dynamic growing business with operations in more than 25 countries over five continents, the customer’s Supplies & Sources group recognized the need for a modern, integrated finance system.
ReadSoft will provide a comprehensive, end-to-end business process solution that can integrate seamlessly with SAP, using ReadSoft’s SAP-certified software as a universal invoice hub to control all invoice processing irrespective of document format. The solution includes automatic capture and transfer of invoice data, electronic workflow, instant reporting, online access to invoices, etc. A wide range of other finance-related processes are also handled by ReadSoft PROCESS DIRECTOR.
ReadSoft’s solution for invoice automation will process hundreds of thousands of invoices a year, across three shared service centres based in Europe, North America and Asia-Pacific. By increasing automation across the P2P process, ReadSoft is able to help this customer move to more advanced and efficient business processes, the majority of which will include a high percentage of ‘touchless processing’ deriving very high efficiency value for the finance function. ReadSoft will remove unnecessary handling and keying of data, improving the efficiency of the AP department by automating repetitive tasks and helping to improve the level of compliance and governance over the processes wherever the client trades in the world.
“ReadSoft has once again proved to be the leading solution provider for automating document driven finance processes for companies with global reach,” says Jan Andersson, President and CEO at ReadSoft. “It is very encouraging to introduce a new client to our world leading solutions and expertise. With such high value transactions, this once again demonstrates the level of belief that international organizations place in ReadSoft’s solutions.”
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 12, 2011 at 16:30 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.
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