ReadSoft signs invoice processing agreement worth 305,000 USD with international biotechnology company


ReadSoft signs invoice processing agreement worth 305,000 USD with
international biotechnology company

A leading international biotechnology company has selected ReadSoft's
SAP-certified invoice
processing (http://www.readsoft.com/purchase-to-pay/accounts_payable.asp
x) solution to process paper and electronic invoices in North America.
After implementing SAP more than a year ago, the company now wanted to
automate its invoice processing. ReadSoft was chosen because of its
proven expertise from similar implementations in SAP environments. The
deal was signed during the third quarter of 2010.

This global company specializes in the development and sales of
therapeutic products for patients with chronic and life-threatening
diseases. After deploying SAP over a year ago, the company sought an
invoice
processing (http://www.readsoft.com/purchase-to-pay/accounts_payable.asp
x) solution to eliminate paper shuffling between the company's
headquarters, research and development office, and operating
subsidiaries across North America.

The organization's AP associates typically assemble packets of
information for each invoice with supporting documentation, then route
the material throughout the company for approval. As invoice packets
travel around the company's three locations, cycle times lengthened and
visibility into the approval status was minimal. To reduce the costs and
delays associated with manual processing and routing, the company
decided to adopt ReadSoft's invoice
processing (http://www.readsoft.com/purchase-to-pay/accounts_payable.asp
x) solution to identify the documents and data. The organization also
wanted ReadSoft's integrated workflow processes to handle invoice
approvals and exceptions.

Along with its ability to improve invoice processing cycle times,
visibility and control, ReadSoft's invoice processing solution was
selected due to its tight integration with SAP, which created a minimal
learning curve for AP personnel. To increase invoice processing
flexibility and efficiency further, the company also invested in
ReadSoft's MOBILE APPROVAL solution which allows employees to access and
approve invoices via smart phone. 

“Even today, organizations are suffering from the painful setbacks of
manual processing while struggling to face the demands of future
growth,” comments Jan Andersson, President and CEO at ReadSoft. “We are
excited about the opportunity to work closely with this organization to
deliver more efficient invoice processing in their SAP environment and
better position them for future growth and success.”

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 November 22, 2010 at 11:30 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 (johan.holmqvist@readsoft.com)

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