2008-11-14

ReadSoft signs USD 550,000 agreement with energy company in North America

ReadSoft has received an order worth approximately USD 550,000 from one of the world's largest manufacturers of equipment for electrical power distribution, industrial control and automation. The solution from ReadSoft will automate and optimize supplier invoice processing and will also integrate with the SAP® system that is presently being deployed at the customer. The agreement covers the processing of hundreds of thousands invoices annually throughout the company's U.S. operations.

This North American customer helps power generators distribute electricity, designs automation systems for the automobile and water-treatment industries, builds infrastructure for airports, etc. The group employs 120,000 people in 102 countries and generated a revenue of USD 22 billion in 2007.

With the goal of making their accounts payable processes more efficient, this leading company decided to invest in ReadSoft's solution together with the rollout of their SAP business system. Maintaining a leading position requires the implementation of the latest technologies on the market, which is why they also started searching for solutions to automate their invoice processing. Manually processing invoices was consuming too much time, and in order to increase the invoice processing without hiring more people, they needed to automate document capture. They found that ReadSoft's solution offers significant business value by allowing customers to make better use of their employees, ensuring higher-quality information and improving security.

"Our solution is perfectly suited to the SAP enterprise system and satisfies the strict requirements of multinational companies when it comes to handling invoices and payment," says ReadSoft CEO Jan Andersson. "We are happy to add yet another global company to our list of references within the SAP area. I'm certain that automating the invoice handling will make them even more efficient."

Information about the company: TNGSTN Automation Sweden AB