ReadSoft acquires Expert Systems and expands its rapidly growing cloud services with a network for exchanging e-invoices and other digital documents

ReadSoft, a global leading supplier of software for document process automation,
acquires the privately held Expert Systems Development Svenska AB (Expert
Systems), a supplier of SaaS solutions (Software as a Service) for electronic
business. Expert Systems has one of the leading cloud based networks for
exchanging e-invoices and other electronic documents in Sweden. Expert Systems
employs 27 people and their main market is the Nordics.
Background and reasons for the acquisition
ReadSoft offers market leading solutions for Document Process Automation and is
the largest vendor for automated invoice processing solutions globally. The
ambition is to grow organically and via acquisitions of companies that have
complementary technology and distribution power in areas that fits the strategic
roadmap of ReadSoft.
ReadSoft already has a leading position in the industry for automated invoice
processing both when it comes to on premise installations and via ReadSoft’s
cloud based solution ReadSoft Online. The acquisition of Expert Systems means
that ReadSoft takes over software with large global potential that will both
strengthen and expand ReadSoft’s cloud offering and position as a provider of
electronic document solutions.
Expert Systems is an influential supplier of cloud based services for electronic
business in the Nordics. The company provides user-friendly and reliable systems
for the exchange of e-invoices and other electronic documents in a network for
companies and their suppliers. Expert Systems has a wide customer base
comprising all types from small businesses to global enterprises, government
agencies and municipalities. Expert Systems is an active member of several e
-business organizations, both national and international, and contributes within
these organizations with their expertise to establish standards and promote e
-business.
Expert Systems’ systems and solutions include Exder, the most widely used
business system for EDI (Electronic Document Interchange) in the retail sector
in Sweden with a share of 70 percent of all article information for customers
such as ICA, Coop and Axfood. The Invoice portal simplifies the exchange of
electronic invoices and is one of the foremost networks in the Nordics. Expert
Systems also supplies systems, among other things, that are used for the
handling of electronic invoices within all government agencies, municipalities
and counties in Sweden.
“The acquisition of Expert Systems is entirely in line with our acquisition
strategy and we acquire a technology that is an excellent complement to our
existing cloud-based offering, ReadSoft Online, which also can be connected to
our INVOICES-solution installed on premise at our customers, says Per Åkerberg,
President and CEO of ReadSoft. “E-business and digital information exchange is a
fast growing market with great prospects for the future. We early identified the
great demand that exists and will continue to exist when we developed and
positioned our leading solution for cloud-based invoice processing, ReadSoft
Online. The acquisition of Expert Systems will expand our cloud-based offering
and help build recurring revenues creating a solid foundation for increased
profitability for ReadSoft. Our joint offering will give our present and future
customers a unique value-proposition in combination with our world-leading
solutions for document process automation. The acquisition also provides
significant opportunities for our strong international sales organization to
create up-selling possibilities towards our existing customer base, and we
expect to rapidly grow the business”, finishes Per Åkerberg.
“ReadSoft, with its world-leading products and solutions, and its global
distribution network, is a perfect fit for Expert Systems”, says Christer
Rygaard, CEO of Expert Systems. “I am truly enthusiastic about our new
constellation, where Expert Systems will be a strong complement to ReadSoft’s
leading invoice automation solution in the cloud, ReadSoft Online. Together we
will develop and internationalize a unique concept and a leading solution for
handling electronic documents in the cloud, which will benefit our present and
future partners and customers”, finishes Christer Rygaard.
Financial effects and acquisition terms
Expert Systems’ revenues for 2012 amounted to approximately 13 MSEK, with a
slightly negative EBIT-result. 80 percent of Expert Systems’ revenue is
recurring. Expert Systems’ revenue and result have been adapted to ReadSoft’s
accounting principles for the financial statements of 2012. This has had a
negative impact with approximately 4 MSEK on Expert Systems turnover and result.
The initial purchase price amounts to 40 MSEK, including assumed debts. In
addition to the initial purchase price ReadSoft will pay an additional purchase
price based on Expert Systems’ operating result EBITDA during the period May
2013 – April 2014. The additional purchase price can amount to a maximum of 20
MSEK.
ReadSoft’s Board of Directors believe that the consideration paid for Expert
Systems is balanced and ReadSoft expects a positive contribution to earnings per
share and other key numbers already in 2013.
The transaction is expected to be closed in May.
Press/Analyst meeting
ReadSoft’s management will be available for questions and answers on May 7. A
telephone conference/audiocast will be held at 10:00 CET.
Call-in details and link to the telephone conference/audiocast:
Link to webcast:         click
here (http://financialhearings.nu/130507/pressconference/)
Day and time:             Tuesday, May 7, 2013 at 10.00 CET
Phone number:           +46 8 505 564 81 or +44 203 364 5373
Please call the conference a couple of minutes prior to the specified time to
ensure a punctual start to the meeting.
You can also access the presentation via our website www.readsoft.se or
www.readsoft.com.
The Board of Directors of ReadSoft AB (publ)
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 May 7,
2013 at 08:00 CET.
For additional information, please contact:
ReadSoft AB
Per Åkerberg, President and CEO
Phone: +46 42 490 21 00
Johan Holmqvist, Vice President, Corporate Communications
Phone: +46 42 490 21 98, alt +46 708 37 66 77
Email: johan.holmqvist@readsoft.com
Jan Bertilsson, CFO
Phone: +46 42 – 490 21 43 alt. +46 708 37 66 16
E-mail: jan.bertilsson@readsoft.com
About ReadSoft
ReadSoft is a leading global provider of software solutions for document process
automation (http://www.readsoft.com/solutions/document-processing) 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