ReadSoft partners with Dinero Solutions to expand North American coverage of Oracle Accounts Payable Market

ReadSoft North America has signed an integration partner agreement and subcontractor agreement for Dinero to assist and lead ReadSoft Oracle AP automation projects in the US and Canada. At the signing of the agreement between ReadSoft and Dinero, Dinero signs first customer project for revenues estimated at $150,000 USD to be implemented in the fall of 2008.

"This partnership is yet another example of the success we are experiencing on the North American market" said Jan Andersson, President and CEO of ReadSoft. "The growth we've seen on this market during the last year, in a market where focus lies on cost cutting and down sizing, is tremendous and gives us strong faith for the future in North America as well as in other markets facing the same economic trends."

In an effort to expand the availability of resources to the Oracle AP automation market ReadSoft sought out an Oracle integration partner that has the experience and bandwidth to assist in the sales and deliveries of the ReadSoft Oracle certified solutions. The contract executed between the two companies will allow Dinero Solutions to resell and install the ReadSoft Oracle AP automation solutions as well as be a certified subcontractor on ReadSoft direct business.

Since Dinero Solutions was founded in early 2000, it has helped numerous companies implement complete end-to-end Oracle ERP solutions and specialized modules such as; Projects and Assets. The company also assists firms interested in selecting suite software to meet their needs for customer relationship management, supply chain management, financial accounting, human resource and enterprise reporting. Dinero Solutions is an Oracle Member Partner and "On-Demand" Certified Implementer.
"Dinero is focused on Oracle solutions that bring financial value to our customers and that can be implemented in a cost effective manner" said Chris Goeckel, President of Dinero Solutions. "We feel the ReadSoft Oracle Solutions combined with our professional services experience will deliver true value to our customers"

"The Oracle AP automation solutions that we bring to the market are growing in acceptance and usage" said Bob Fresneda, President of ReadSoft North America. "This Oracle market for AP automation is in the early stages of significant growth and a partner company with the expertise of Dinero will be a great asset to our customers and our North American team"

About Dinero:
Dinero Solutions, headquartered in Duluth, Georgia, is a recognized leader in the Southeast and has been providing innovative enterprise software solutions to mid-market and Fortune 1000 companies around the world. Dinero Solutions focuses on helping Utility, Technology, Financial Services, and Retail companies implement Oracle Applications to build a competitive business advantage


For additional information, contact
ReadSoft AB
Jan Andersson, CEO, ReadSoft
Phone: +46 708 - 37 66 00
Jonna Opitz, Vice President, Corporate Communications
Phone: +46 733 - 37 86 68
jonna.opitz@readsoft.com


About ReadSoft
ReadSoft is a leading global provider of software solutions for Document Automation. ReadSoft's software enables companies to automate document processes such as data entry, classification, ERP matching, workflows, e-invoicing etc. The results are faster and less expensive document processing, and increased control. ReadSoft is by far the world's number one choice for invoice automation solutions. Specialized solution labs for SAP, Oracle, Microsoft and Capture processes ensure cutting edge solutions with great customer value. Since the start in 1991, ReadSoft has grown to a worldwide group with operations in 16 countries on five continents and a network of local and global partners. The head office is located in Helsingborg, Sweden and the ReadSoft share is traded on the Nordic Stock Exchange Small Cap list. For more information about ReadSoft, please visit www.readsoft.com.

Source: www.huginonline.com

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Oracle's CEO tops pay scale

Revision of rankings places Ellison ahead of other leaders. Oracle Corp. founder Larry Ellison, a longtime fixture on the list of the world's richest people, is now ensconced atop the Associated Press' rankings of the top-paid chief executives in the United States.

Never shy about flaunting his estimated $25 billion fortune, Ellison established himself as the best-paid CEO among major U.S. companies by persuading Oracle to award him a fiscal 2008 pay package valued at $84.6 million, according to the Associated Press' calculations.

The total compensation, disclosed late Wednesday in a Securities and Exchange Commission filing, catapulted Ellison to the top of the Associated Press' annual analysis of CEO pay.

With a pay package valued at $83.1 million, Merrill Lynch CEO John Thain held that distinction in June when the Associated Press released its 2008 analysis of executive compensation at more than 400 large companies.

The details about Ellison's compensation weren't available at that time because Oracle operates on an unusual fiscal year ending in May. The anomaly lets Oracle wait until late summer to make the SEC-mandated disclosures about Ellison's pay.

The rankings cover disclosures made within the same calendar year, meaning Ellison could be surpassed if an SEC filing during the next four months reveals that another CEO received an even bigger pay package.

For now, there are only two changes in the list of the 10 best-paid executives. With Ellison taking No. 1, Occidental Petroleum Corp. CEO Ray Irani fell out of the top 10.

In another revision lower on the pay ladder, News Corp. CEO Rupert Murdoch now occupies the 14th spot on the list, with a compensation package valued at $30.1 million. News Corp., which operates on a fiscal year ending in June, also disclosed Murdoch's awards this week.

The calculations of total pay include executives' salaries, bonuses, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The figure often differs from the numbers listed by companies.

Most of Ellison's fiscal 2008 compensation consisted of 7 million stock options designed to give him an incentive to increase Oracle's future market value. The options, valued at $71.2 million, vest during the next four years and expire in July 2017.

The analysis doesn't factor in windfalls the executives generate by exercising stock options awarded in previous years.

Ellison stood out in this category, too, raking in nearly $544 million by cashing in 36 million stock options during Oracle's last fiscal year.

Excluding those stock option gains, Ellison's latest pay package represented a 38 percent raise from fiscal 2007, when his compensation was valued at $61.2 million. That ranked Ellison as the second-best paid CEO, behind Yahoo's then-CEO, Terry Semel, who got a package valued at $71.7 million.

While Semel resigned as Yahoo's CEO 14 months ago under shareholder pressure, Ellison, 64, hasn't given any indication that he plans to end his 31-year reign at Oracle any time soon.

Author: Michael Liedtke @ www.chron.com

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Oracle to star in NAB's online plans

NATIONAL Australia Bank has given a crucial component of its legacy systems overhaul to Indian banking software developer i-flex, which may result in some of the bank's staff being left out of the early stages of the project.

NAB's new Star Bank project does not have physical branches and offers banking services through call centres and the internet.

It will be developed using i-flex banking software technology.

The Indian banking software company will be involved in designing the platform that will replace NAB's core banking systems and will plan the replacement process. I-flex will deliver a range of services, including support activities such as professional and application management, analytics and consulting, according to its local office.

Typically, i-flex uses both onshore and offshore resources to complete a project, but it is uncertain how this would break down for the NAB project.

Oracle staff were on-site at NAB last week sizing up the technology landscape, and the bank's employees have expressed concern over their future after comments from the management that they would not be involved in the first phase.

NAB spokeswoman Kerrina Lawrence said the development work would be split between its staff and Oracle, but the final make-up had not been decided.

At this stage there were no plans to host Star Bank offshore, she said.

"NAB has not decided against using its staff in the process. It is anticipated that NAB will use a mix of internal and external skills," Ms Lawrence said.
The bank moved a step closer to identifying that balance yesterday, as it combined two of its biggest technology teams, enterprise services technology and technology banking Australia, to improve the bank's capability to service the next-generation platform.

The plans are detailed in an internal memo obtained by The Australian.

"It recognises that we'll be rebalancing our investment between business as usual and NexGen and must therefore consolidate our capabilities to free up capacity to focus on the significant transition activity ahead," NAB chief information officer Michelle Tredenick writes.

The combined division has about 1300 staff, half of NAB's IT workforce, with leadership teams reporting to technology banking managing director Craig Bright. Former enterprise services technology head Stephen Phillips has been appointed as technology lead for Star Bank.

The restructure will be bedded down over the next two months, under the watch of an integration manager and Mr Bright, and Ms Tredenick said more structural changes could be rolled out to other business units.

"We'll continue to progressively evolve our model over time as we further progress our transformation agendas."

NAB has embarked on an offshoring program over the past couple of years. It started with back office and finance and credit card processing functions, but gathered pace this year with the IT outsourcing program.

The first wave of IT outsourcing affected jobs in several legacy banking system areas.

As well, some payments and enterprise resource planning functions were sent offshore to Indian outsourcers Satyam and Infosys.

NAB is in the final stages of reviewing outsourcing wave two, which could lead to up to 400 jobs in technology banking and the MLC wealth management business going offshore.

Planning is believed to have begun on outsourcing wave three.

Several sources have said any legacy replacement work that is not done by Oracle will be sent offshore to Infosys and Satyam.

Ms Tredenick told staff the offshore trend would continue in line with its technology transformation program, code-named NEOS.

She also said it would use offshore resources to do some of the work for the core banking project.

"NAB has always used hosting and still uses a combination of hosting, having some of our internal people host the platforms and develop the platforms, and working with external suppliers," Ms Tredenick said. "We've done that for the past 10 to 15 years and will continue to do that."

However, she also expected the next-generation project to create more local jobs as the scale and intensity of work increased over five years.

Technology banking general manager Craig Bright said recently that technology staff numbers could fall to less than 1000 over the next five years.

The figure was noted by several NAB employees during an exchange in an informal question and answer session at a technology team event.

Author: Mahesh Sharma @ www.australianit.news.com.au

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