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A history of innovation

First we taught the world’s computers to read.
Now we’re making sure they understand—and act.

Innovation and expertise

1991: Introducing automatic data capture, including handwriting
1994: Introducing new technical innovations such as Fast Verify, Batch Handling, and the ability to handle multiple languages
1996: Introducing a self-tutoring technology for handling invoices, with auto-templates and auto-recognition
2000: Introducing the ability to handle and make use of of color in documents
2000: Introducing a unified process for all media, including email, fax, web, and paper
2001: Introducing a certified integration to SAP R/3
2002: Introducing EDI, with electronic interchange of invoices via email
2003: Introducing mobile data capture through a digital pen
2004: Introducing the first complete product platform for Document Automation
2005: Introducing the first certified integration to Oracle E-Business Suite.
2006: Introducing an in-house SAP development department by acquiring German SAP specialists Ebydos AG, and an in-house Oracle development department by acquiring Danish Oracle specialists Consit.

The pioneering spirit of Jan Andersson and Lars Appelstål and their idea to automate the manual data entry of documents is still felt in the company.

In 1988, two Swedish classmates, Jan Andersson and Lars Appelstål, began investing their spare time in developing a system for interpreting handwritten characters. They called the software Eyes & Hands.

Their hard work paid off in 1992 when the first software license was sold to
the mail order company Yves Rocher.

As word of the small Swedish company with the revolutionary product started to spread, Lars and Jan received inquiries from all over the world.

Fueled by an expansionist vision

The company prospered, and in 1994 Lars and Jan went on their first transcontinental business trip to visit the AIIM exhibition in the United States.

Here they glimpsed the huge potential of the American market, and subsequently an American subsidiary was started. From a modest start, the number of employees now reached 13, and the turnover was nearing 1.1 million USD.

In 1995, new plans were made for a totally new product named INVOICES. The idea of a product that automatically finds information on an invoice without predefined fields was, and still is, revolutionary. As in the previous year, the number of employees doubled, as did the turnover.

By 1996, the turnover was approximately 3.3 Million USD and the 41 employees saw a new subsidiary set up in Germany. The customer list had become even more impressive, now including heavyweights such as Zürich Insurance, Mercedes Benz, Shell, Texas Instruments, British Telecom, Manpower, Telenor, Adidas, Volvo and Greyhound.

Unique international status on the marketplace

1997 and 1998 were years of incredible growth for ReadSoft. Subsidiaries were established in Spain, France, and Australia, revenue increased by 100%, and the number of employees doubled. The crowning triumph of the successful 1997 was being awarded ”Best of Show at AIIM” for INVOICES. The jury’s motivation: “One of the latest, greatest and coolest products seen at AIIM.”

By the end of 1999, ReadSoft could truly be said to be the largest and fastest-growing company in the business. A highlight of 1999 was the summer introduction on the Stockholm Stock Exchange. By October of 1999 the company had some 2,000 shareholders, and ReadSoft turned out to be one of that year’s true winners on the Stockholm Stock Exchange.

An impressive track record

In 2000 ReadSoft left its competitors even further behind, fueled by a 72 percent growth in revenue. Strengthened by its new e-capture product concept, the organization expanded even more. By the end of the year, the company had a turnover of 31 MUSD and a profit of 1 MUSD.

2001 was a tough year for the entire IT industry. ReadSoft made it through, largely due to the fact that its products are cost savers that are always in demand, both in good times and bad. The company’s strength was also proven as ReadSoft received the prestigious “IT Company of the Year” award. According to the jury, ReadSoft constituted a role model for IT companies in Sweden.

The year that followed was one of consolidation for ReadSoft. Many important steps were taken to safeguard future profit and growth. INVOICES made a truly global impact, and partner relations with major ERP providers such as Intentia, IFS and SAP began to pay off.

In 2003, the ideas of a brand new software platform started to take shape. The input came from a major international customer survey carried out a few years earlier. The result, ReadSoft DOCUMENTS, was launched in 2004 as the first complete software platform for Document Automation.

The new platform gave ReadSoft new energy to expand. Both organically and through acquisitions such as Oracle experts Consit Development (2005) and SAP specialists Ebydos (2006). With these two additions, ReadSoft acquired in-house expertise of the world's two largest ERP systems.

From pet project to market leader