ReadSoft, a provider of software and services for document automation, has signed a deal with a UK-based public transportation company. The value of the agreement is E390,000 and the major part of this is licenses.
According to ReadSoft, the agreement covers the processing of approximately half a million invoices annually. The ReadSoft system will automatically process invoices within the customer’s Oracle system, the firm added.
This public transportation company has selected Oracle E-Business suite as its business system several years ago. The company also wanted to improve its accounts payable processes by extending the financial system to automatically read and process supplier invoices.
In order to reduce overall accounts payable costs and to streamline the three-way matching process, the company was looking for an automated invoice processing solution. The ReadSoft system offers business value, enabling better use of employees, information and improved security, said RedSoft.
Jan Andersson, president and CEO of ReadSoft, said: As an internationally recognized leader in invoice automation, we understand the challenges felt by accounts payable departments like the one at this company. Over a long period of time we have consistently demonstrated a focus on achieving value to this customer – including a proof of concept which highlighted a need to address other areas of their business. This proved to be a key factor in closing this deal.