Leading Defense Company Invests 300,000 EUR in ReadSoft's Software to Automate Purchase to Pay Processes

ReadSoft has secured an order with a leading defense company to provide a complete, end-to-end solution to automate Purchase-to-Pay processes within SAP®. The contract, worth over 300,000 EUR, concerns solutions that automates the entire purchase to pay process, from handling requisitions to managing the accounts payable function, streamlining the workflow and driving efficiencies into its business processes. The deal was signed during the third quarter of 2010.

Using ReadSoft software, the accounts payable team will be able to automate the Purchase to Pay function, dealing with requisitions raised by the organization, securing approval for purchases, automating the processing of incoming invoices, and then managing the approval and sign-off process for payments.

The company will use PROCESS DIRECTOR, to streamline the process of handling all requisitions within the organization. Requests will be automated into the SAP system and forwarded to the correct people for approval, using pre-defined processes. INVOICE COCKPIT will be used to process a large amount of invoices, requisitions and expense claims per year. The software provides a complete toolset for automated processing of all incoming invoices in the company's SAP system, automatically matching information on invoices against purchase orders and SAP Master Data. The combined effect is that the defense company will be able to automate the purchase to pay process.

"This contract is an important win for ReadSoft and reinforces our ability to ensure that companies can increase control of their accounts payable and procurement processes," comments Jan Andersson, President and CEO at ReadSoft. "With the ability to seamlessly integrate with SAP, companies can use the ReadSoft software suite to dramatically decrease processing times and costs, reduce errors and automate purchase-to-pay processes."

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 Nordic Exchange Small Cap list. For more information about ReadSoft, please visit www.readsoft.com.

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