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Multinational Telecom Giant Automates More Invoices with ReadSoft through Extended Agreement Worth 300,000 EUR


Having experienced the benefits of ReadSoft Accounts Payable Automation for years in parts of their operations, a multinational telecom company based in Europe decided to expand the use of the solution to cover increased volumes of invoices. The agreement concerns invoice processing inside SAP and is worth 300,000 EUR and was signed during the third quarter of 2011.

ReadSoft software automatically captures, interprets, and understands information from incoming invoices. Once data has been captured, it is automatically matched and verified against SAP. If there is an exact match between the document and the information in SAP, it can be approved automatically.

In addition to an increased volume of invoices processed, the extended agreement with this telecom company also includes ReadSoft's MOBILE APPROVAL - an add-on to the electronic workflow that allows users to approve or reject invoices on the fly.

"It's very gratifying to see that more and more of our large, multinational clients choose to expand the use of ReadSoft solutions for business process automation", says Jan Andersson, President and CEO at ReadSoft. "And in this day of increased mobility, we also see more organizations taking full advantage of the flexibility of our system, by accessing it via web or mobile devices."

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 October 17, 2011 at 15:30 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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