ReadSoft signs contract with NSW Department of Education and Communities in Australia

The New South Wales Department of Education and Communities, the largest single
organization, public or private, in Australia, has chosen ReadSoft’s SAP ®
-certified invoice automation solution to streamline its existing invoice
processing operations and enable greater efficiencies across its Shared Services
Centre. The contract is recurring revenue based and the Agency plans to process
4.7 million invoices over an initial term of over 3 years. The deal was signed
during the second quarter of 2014 and includes options that may stretch the term
to 10 years.

The client has agreed to an annual fee based contract based on an actual volume
of invoices processed. This allows the customer to transition to a more
efficient invoice processing system and match the savings to costs without major
capital investment. The risk is substantially reduced for the customer and
ReadSoft’s shareholders benefit from a recurring revenue stream.
Following a comprehensive vendor selection process, ReadSoft was selected over
many vendors due to their offer, experience and ability to deliver. The
implementation will deliver the full PROCESS DIRECTOR for Accounts Payable
solution and Performance Analytics to the Agency’s shared services centre, which
will greatly reduce invoice processing cycle times, drive cost benefits through
centralisation, and improve visibility and control.
“This is a truly impressive win that reinforce both our leading position within
invoice automation and our recurring revenue strategy,” says Per Åkerberg,
President and CEO of ReadSoft. “Our solutions are equally favorable to private
businesses as they are for the government sector and invoice automation offers
an opportunity for all sorts of organizations to streamline processes with
technology that is integrated into existing ERP systems, yielding long-term
efficiency gains,” finishes Per Åkerberg.
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 April
22, 2014 at 09:30 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 global provider of applications for automating business
processes in the cloud  (http://www.readsoft.com/solutions/document
-processing/capture-in-the-cloud)or on premise. ReadSoft is by far the world’s
number one choice for invoice processing
automation (http://www.readsoft.com/solutions/document-processing/invoice
-processing), especially into business systems from
SAP (http://www.readsoft.com/solutions/automation-for-sap) and
Oracle (http://www.readsoft.com/solutions/automation-for-oracle). ReadSoft’s
software enables companies to automate document processes such as accounts
payable processing (http://www.readsoft.com/solutions/by-department/accounts
-payable), and mailroom automation (http://www.readsoft.com/solutions/document
-processing/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