ReadSoft Signs Invoice Automation Agreement Worth 850,000 USD with Australian State Government

Company: ReadSoft
Published: 04 July, 2011
HELSINGBORG, Sweden -- ReadSoft continues to work with New South Wales government shared services providers to improve their process requirements. The agreement valued at 850,000 USD initially covers the processing of hundreds of thousands of invoices annually. The agreement was signed during the second quarter of 2011.

ReadSoft's SAP-certified invoice processing solution has been chosen to automate document handling and improve process requirements at yet another Australian government shared services provider in New South Wales (NSW). The shared services department is part of a large government body and offers a wide range of services including, HR, payroll, procurement and accounts payable.

Rationalization within the government sector is driving shared service agencies and departments to acquire systems and processes that enhance service levels and improve productivity efficiencies to deliver effective business services to clients.

This government client was looking for ways to improve, and automate, their invoice processing efficiencies in their existing SAP-system and therefore needed a flexible and technologically advanced solution.

The ReadSoft solution matches and supports New South Wales Government’s current and future plans to automate their document driven processes. New South Wales Government wants a supplier that provides tight SAP integration, world’s best practice and solid reference sites, both globally and locally, and is well proven within the Government sector itself. ReadSoft came out on top in terms of meeting these requirements and has the ability to grow and add other processes to meet the continually changing and challenging environment the Public Sector faces with shrinking budgets and being asked to ‘do more with less’.

The ReadSoft accounts payable automation solution will streamline efficiencies by automating the processing of invoices from arrival to payment – including invoice capture, matching, and automated workflow approval processes. The accounts payable automation solution also incorporates advanced reporting functions, giving immediate visibility into the accounts payable processes.

“ReadSoft has once again proved to be the leading solution provider for automating document driven processes in the shared services government sector in Oceania,” says Jan Andersson, President and CEO at ReadSoft. “It is very rewarding to see that clients are using our world leading solutions and expertise knowledge in order to take their services and process handling to a higher level.”

ReadSoft’s counterparty in the transaction has requested to remain anonymous and is not mentioned by name in this press release. This information is released by ReadSoft AB (publ) in accordance with its publication requirements as set out by the Swedish Securities Markets Act and/or the Financial Instruments Trading Act.

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.