Interim Report January - March 2003

• The turnover increased with 11 percent to 69,8 (62,8) MSEK
• Results after interest improved to 1,3 (-10,3) MSEK
• Positive cash-flow continued and amounted to 3,4 (7,7) MSEK
• ReadSoft obtained European patent for INVOICES in 13 countries

 

IMPORTANT EVENTS DURING THE FIRST QUARTER OF 2003
The largest deal during the period was closed in England and involved a large installation at a leading European financial organization. The software FORMS was chosen to automate the processing of vast volumes of bank notes, checks and loan applications. The initial order value exceeded 6 MSEK.

 

The period also presented a number of INVOICES deals with well-known companies such as Thyssen Krupp, DaimlerChrysler and BASF. ReadSoft's strategy to penetrate the SAP segment is successful and some 50 SAP-related deals have been signed so far. For instance, the German industrial corporation Thyssen Krupp will integrate INVOICES with their SAP R/3 system to process 300,000 invoices every year. The deal with BASF also involves ReadSoft's new technology for automatic invoice interchange, EZ-OUT. This solution diminishes the time-consuming and expensive manual handling of paper supplier invoices, enabling substantial savings as well as increased efficiency in the invoice process.

 

ReadSoft's INVOICES product is now protected by a European patent in 13 countries. A Swedish patent has previously protected INVOICES for a couple of years. The new EPO patent protects the software's self-learning abilities, which makes it able to find relevant data on new documents. The INVOICES technology reads invoices almost like humans do. When a new, unknown document arrives, INVOICES remembers what it looks like and uses this knowledge the next time a similar document comes in.