ReadSoft signs agreement worth 430,000 EUR with major international bank

Regulatory News:

One of the world’s largest banking institutions has chosen ReadSoft's SAP®-certified invoice automation solution to process over hundreds of thousands electronic and paper invoices in its global shared service center operations. The license and maintenance agreement signed is worth an initial 430,000 EUR and was signed in the first quarter of 2013.

The bank wants to increase the volume of invoices processed due to a large expansion while continuing to benefit from the elimination of manual processing and driving up automation rates in its P2P processes for all types of invoice documents. The bank is standardizing its global processes and looking to scale across its brands and drive global cost efficiencies within a shared services model.

The desire to drive touchless processing with rapid deployment was a key factor. ReadSoft was chosen as the best solution to enable common financial processes across the bank’s SAP environments, while replacing a number of other third party systems as part of the global standardization.

In countries where the bank wishes to accelerate its expansion, they will adopt a more cloud enabled model, including mobile approvals. The whole solution will be fully live across the globe by the end of 2013.

The chosen solution, ReadSoft PROCESS DIRECTOR for SAP is 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 provides a platform for automating many core business processes.

"We constantly see that large global companies are looking for quick deployments of efficient and scalable solutions. This means adopting standardized processes and working with a partner who has proven capabilities. This bank is no exception. Starting with automated invoice processing, it 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.

Simon Shorthose, Managing Director of ReadSoft UK said: "Whether on-premise, off-shore or in the cloud; no matter the volume, ReadSoft has the capabilities and scalability to help. Long term partnerships yield great results for both parties and that’s something we’re committed to.”

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 March 26, 2013 at 14:30 CET.

About ReadSoft

ReadSoft is a leading global provider of software solutions for document process automation in the cloud or on premise. ReadSoft is by far the world’s number one choice for invoice processing automation, especially into business systems from SAP and Oracle. ReadSoft’s software enables companies to automate document processes such as accounts payable processing, and mailroom automation. 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

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