ReadSoft brought in a new CEO late last year, who has now overseen a restructuring of the ISV’s operations. ReadSoft, which is based in Sweden, develops document and data capture, as well as workflow/business automation software. One of the main tenants of the restructuring is a stronger position for the company’s North American operations.
Historically, North American revenues have been considered under ReadSoft’s “U.S. and rest of the world” region, which also included AsiaPac and Latin America. The whole entity grew 20% in 2011 and accounted for about 30% of ReadSoft’s total revenue of $99 million – with the U.S. assumed to be generating easily the largest chunk from its region. Going forward, U.S. and Canada will be accounted for as ReadSoft’s North American geography, with Latin America and AsiaPac being a separate geography. ReadSoft will also continue to have Northern European and EMEA geographies.
As part of this restructuring, Bob Fresneda, who has been managing director/president of ReadSoft U.S., is now the president of ReadSoft North America. Fresneda has also been appointed as a Senior VP and corporate officer serving as part of the ReadSoft Executive Management Team.
The Executive Management Team also includes new separate CTO and COO positions with co-founder Lars Appelstal being named the CTO and Peter Sandin, former VP of Global Professional Services, taking over the title of COO.
ReadSoft will also consolidate five development centers into two: “one for Capture Automation consisting of the former solution labs Capture, Online, and XBOUND and one for ERP Automation consisting of the former SAP and Oracle solution labs.” Most of these development centers were picked up in acquisitions over the years, including this year’s foxray acquisition, which is responsible for the XBOUND product line.
According to a press release: ” “We have been working on this for quite some time to achieve a more efficient, agile and process-oriented organization”, says Per Åkerberg, ReadSoft’s President and CEO.
“This is an exciting time for ReadSoft both on a global scale and in North America as Per Åkerberg’s vision drives these organizational changes to promote ReadSoft’s overall growth and success,” said Bob Fresneda, President of ReadSoft North America. ”After my ten years at ReadSoft, it is fulfilling to see the expanded commitment among Per and the Board of Directors to the North American region, and I look forward to working closely with them on our future success.”