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Milton Keynes, UK, December 21st, 2011

ReadSoft, a global provider of software for back office process automation, has won contracts processing over 600,000 invoices p.a. from three large UK-based companies running SAP. These wins round off an outstanding business year for ReadSoft, providing great momentum heading into 2012.

Having recently extended a four year relationship with a global telecommunications company, Readsoft has now won business with a large FMCG manufacturer and a specialist motor racing manufacturer.

The three contracts use Readsoft’s specialist INVOICES and COCKPIT software within the SAP environment to automatically streamline purchase to pay processes. Readsoft’s INVOICES software automatically scans and captures information from incoming invoices, in whatever form they arrive (printed, PDF, email or EDI). Information on the invoice is then sorted and entered into relevant fields on the SAP system.

Readsoft’s COCKPIT software then carries out a three way matching process, ensuring that the invoice is cross-referenced to the purchase order that supports it, and the delivery note for the goods.

Each of the three customers receives hundreds of thousands of invoices per year. The implementation of Readsoft’s software will enable them to process significantly higher volumes per FTE, improving efficiencies and freeing resources as automation now handles the ‘day-to-day’ tasks.

Simon Shorthose, Managing Director at ReadSoft UK says: “Businesses recognise the benefits of automating processes within a native SAP environment. It makes sense to empower software to handle the processing of invoice scanning and processing, particularly where little or no manual intervention is needed. These wins demonstrate the continued leadership of ReadSoft in the SAP P2P processes.”


Ends

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 December 21, 2011 13.15 GMT.

For additional information, please contact:

Gary Marshall
XL Communications
Tel. +44 (0)77 3322 4654
Email: Gary@xl-comms.com


About ReadSoft
ReadSoft is the largest global provider of software and services to businesses that want to better control and improve back office and administrative processes. ReadSoft’s products enable companies to automate data entry, classification, ERP matching, workflows, and e-invoicing. Results achieved by using Readsoft’s automation are improved productivity and compliance, and reduced cost and time. Founded in 1991 Readsoft has operations on five continents. The company is headquartered in Helsingborg, Sweden and trades on the NASDAQ OMX – Stockholm’s Small Cap List. For more information about ReadSoft, please visit www.readsoft.co.uk

This press release was distributed by ResponseSource Press Release Wire on behalf of XL Communications in the following categories: Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.