A German insurance company has opted to implement ReadSoft's product XBOUND in order to handle incoming data to its new document storage system.

The insurance company signed a deal worth €553,000 with ReadSoft in the fourth quarter of 2012. The deal also includes a five-year maintenance contract.

The insurer intends to implement a new document storage system for its archiving system with an interface to ReadSoft’s product XBOUND, which will help in the process modelling, monitoring besides administration and database architecture.

The insurer selected ReadSoft technology through a competitive selection process.

Commenting on the deal, ReadSoft president and CEO Per Åkerberg said, "This agreement is further evidence of the strength of our offering to the insurance industry where software solutions that can handle large volumes of documents are business critical."

Established in 1991 and headquartered in Helsingborg, Sweden, ReadSoft offers technology for document process automation in 17 nations across the globe.