Swedish forms processing software developer ReadSoft AB has just floated on the Stockholm stock exchange, and intends to use the funds raised to further its international expansion and to launch a new version of its flagship product for invoice processing. The company sees the challenge from by its main competitor, Cardiff Software Inc of the […]
Swedish forms processing software developer ReadSoft AB has just floated on the Stockholm stock exchange, and intends to use the funds raised to further its international expansion and to launch a new version of its flagship product for invoice processing.
The company sees the challenge from by its main competitor, Cardiff Software Inc of the US, for its market leadership position in Europe (CI No 3,676) as a natural consequence of its presence in Cardiff’s own home market.
This is particularly the case since ReadSoft stepped up its investments in the US last year to strengthen its chances there, which was one of the reasons the company took a net loss in 1998, said marketing manager Torbjorn Gadd. We’ve been a little faster than them in expanding internationally, but that’s a natural consequence of their having such a large domestic market, he added.
Helsingborg-based ReadSoft debuted on the Swedish exchange on June 22, after an initial public offering of 1.15 million shares at SKr25 ($2.94) each, raising SKr28.75m ($3.38m) for the company.
Gadd said ReadSoft – which already has subsidiaries in nine countries, including the US, and distribution in about 40 – will use the funds raised to augment its international distribution channels. The company derives some 75% of its revenue from outside Sweden, though the figure drops to around 25% when considering its business outside Scandinavia as a whole.
ReadSoft’s flagship product is called Eyes & Hands, now rebranded Eyes & Hands for Forms as its introduces a second, named Eyes & Hands for Invoices. Gadd said the new product has already been launched in Sweden and is undergoing a gentle rollout in other countries. We’re going slowly because we want to work with one or two pilot projects in each country, addressing any regulatory issues to do with invoice processing in the individual market, he explained.
ReadSoft was founded in 1994 to offer form processing packages to mid-market clients. Since then, Gadd said, it has gone both upmarket, adding the robustness necessary for the form processing requirements of major corporate clients, and downmarket, by offering more basic and somewhat slower packages. Cardiff started low-end and has moved up, but our clients tell us our products are still more robust, he added.