ReadSoft UK growth driven by increasing demand for document automation

Increasing demand for document automation solutions, particularly electronic invoice handling and forms automation, has enabled ReadSoft to grow its UK revenues by approximately 15% during 2004.

The UK success is a reflection of ReadSofts global growth in 2004. In its financial year-end statement, ReadSofts global revenues increased by 22 per cent to MSEK 358,7 (GBP 27.12 million).

Colin Kaye, managing director of ReadSoft in the UK, said: ReadSoft is the acknowledged world leader in document automation and our products are becoming more established in the UK marketplace. During 2004, growth was very strong in Europe, with the UK operation very much at the frontline. Our goals for 2005 are to continue this positive development and further improve the company's sales and results.

Russell Henley, ReadSoft UKs VP of sales and marketing, said: The launch and roll-out of the new ReadSoft DOCUMENTS platform in 2004, and subsequent demand for our leading-edge products for electronic invoice handling and forms automation, have opened up some very exciting sales opportunities that we are maximizing in the UK. By growing our team, and driving our channel relationships, we are enabling customers in a wide range of market sectors to radically improve their business efficiency through document automation.

The ReadSoft DOCUMENTS platform has already received several awards, the most prestigious being at "The Information Management 2004 Awards" in the UK. ReadSoft's product was commended in the "Document Management Product" category for "the most exciting and innovative new document management products."

With sales of ReadSofts electronic invoices handling software increasing internationally, especially to large international SAP customers, the company is now embarking on a strategic venture into the Oracle segment, with the recent acquisition of the Danish development company Consit Development ApS.

ReadSoft DOCUMENTS can read all types of documents, handle them in a single streamlined process that can be integrated with customers ERP or other systems and archive and forward the processed data electronically. The platform is based on five modules which form an end-to-end concept, from input to output and incorporates pre-configured Business Solutions which automate the processing of specific document types, such as invoices and structured forms, as well as business applications such as mailroom, easy EDI and indexing.