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ReadSoft Signs Agreement Worth 1.1 MEUR with Global Manufacturer

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ReadSoft AB
Sodra Kyrkogatan 4
Helsingborg, 252 23
Sweden



Press release date: December 9, 2013

After a global selection process the high-end apparel manufacturer has chosen ReadSoft's SAP®-certified invoice automation solution to process over a million electronic and paper invoices and other documents in its global shared service center operations. The license, services and maintenance agreement signed is worth an initial 1.1 MEUR and was signed in the fourth quarter of 2013.

The customer is consolidating its operations across many countries into a global shared service center to handle both the volume of invoices processed and multiple other business processes, with the ultimate aim of benefiting from the elimination of manual processing and driving up automation rates in its P2P processes. They are simultaneously moving to a single SAP instance for all global operations. ReadSoft has also provided a platform to handle business documents and information to deliver multi channel process automation.

The desire to centralize back-office operations while maintaining multiple manufacturing locations was the key part of the project. ReadSoft was chosen as the best solution to enable common financial processes both across multiple SAP environments, while moving easily to a single instance and replacing a number of other third party systems as part of the global standardization.

The chosen solutions, ReadSoft PROCESS DIRECTOR for SAP and the ReadSoft platform for multi-channel input management are a modular way to handle not just AP processes but a multitude of business process automation tasks such as delivery notes, sales orders, or remittance advices and provide a platform for automating many core business processes globally.

"Manufacturing is best done where resources and labor are easily and cost efficiently sourced. However, we increasingly see back-office processes being centralized to take advantage of reduced risk, increased control and standardized processes. The key to doing this is to work with a partner who has proven global capabilities. Starting with automated invoice processing, this manufacturer can immediately maximize its existing investments in SAP, whilst reducing invoice processing cycle times and improving control over the finance function," says Per Åkerberg, President and CEO of ReadSoft.

Within this press release, ReadSoft's customer in the transaction or co-operation is not mentioned by name. This is due to the fact that they have requested to remain anonymous. This is information of the type that ReadSoft AB (publ) is obligated to disclose in accordance with the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication on December 9, 2013 at 13:00 CET.

For additional information, please contact

ReadSoft AB                                                                                                        
Johan Holmqvist, Vice President Corporate Communications
Phone: +46-708-37-66-77
Email: johan.holmqvist@readsoft.com

About ReadSoft
ReadSoft is a leading provider of applications for automating business processes. 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 17 countries on six 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.

This information was brought to you by Cision http://news.cision.com
http://news.cision.com/readsoft/r/readsoft-signs-agreement-worth-1-1-meur-with-global-manufacturer,c9509781

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