Document Automation: ReadSoft Closes 2006 With 15% Increase In Revenues And 68% Increase In Operating Result

Revenues and profits are expected to increase even more in 2007 due to two acquisitions late in the 2006 fiscal year, ReadSoft Consit and ReadSoft Ebydos.

Revenues rose for the 2006 fiscal year to $65.6 million, which were up from $57.2 million in 2005. The business operating result reached $4.8 million, a substantial increase from $2.8 million in 2005. We continue to operate well in the business process automation of financial documents between organizations. Large international deals were closed in 2006 with Volkswagen and CEMEX. During the year, The North American subsidiary complimented this success with local announcements of deals with Lockheed Martin and Sony Canada.

In the fourth quarter of the year, ReadSoft finalized agreements to purchase Ebydos as a certified SAP solution provider of workflow and approval software that works with the ReadSoft DOCUMENTS for INVOICES product to automate the financial transactions between buyers and sellers inside of SAP. ReadSoft Ebydos, as the new name of the ReadSoft subsidiary, will continue to operate out of Frankfurt, Germany and San Francisco, California in the US. The office in San Francisco will be part of the ReadSoft North American Operation.

ReadSoft also finalized an agreement with Consit to purchase the final 50% of the Consit organization during the fourth quarter. The initial 50% interest had been purchased by ReadSoft in Q1 of 2005. Consit is an Oracle certified solution provider of workflow and approval software that works with ReadSoft DOCUMENTS for INVOICES product to automate financial transactions inside of Oracle E business suite applications. ReadSoft Consist, as the new name of the ReadSoft subsidiary, will continue to provide software out of Denmark to the world wide distribution of ReadSoft subsidiaries. The North American Operation has added sales and support personnel in our corporate offices in New Orleans to lead the country wide efforts.

"The 2006 fiscal year was a year of growth, investment and maturity for ReadSoft globally and in North America," said Bob Fresneda, president of ReadSoft North America. "The acquisitions of ReadSoft Ebydos and ReadSoft Consit has taken ReadSoft from just a pure image capture and transaction company to now being a true document automation company specializing in transaction processing inside of Oracle and SAP."

Please view our web site at www.readsoft.com to review the complete financial story on the 2006 fiscal year. Information is available in multiple languages by visiting our international web site and then the individual countries.

About ReadSoft
ReadSoft is the global leader in the development and sales of a complete product platform for Document Automation. With thousands of customers on a global basis, ReadSoft supports customers and partners in North America with offices in 7 locations, including the corporate headquarters in New Orleans, LA.

Established in 1991, ReadSoft was first to bring free form technology for invoice processing to market and first to achieve certifications to enterprise resource planning systems such as SAP and Oracle. ReadSoft has become the global technology leader, with subsidiaries in 11 countries and partners in an additional 70. We are proud to have the largest and most innovative development department in the industry, with professional services to assist customers and partners on a global basis. ReadSoft's vision is to free businesses everywhere from manual document handling. For more information please visit www.readsoft.com.

Source: ReadSoft, Inc.