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It sorts and categorizes papers into expense reports and income tax reports. What's different about NeatReceipts' product is that it does more than scanning. Our revenue went to $2.2 million in the first quarter 2006,' he said. 1 electronics product, ahead of iPods that day and the day after. The day the show was nationally broadcast, the telephones at the NeatReceipts offices 'just went nuts' with callers, recalled Rafi Spero, the company's chief operating officer. Stewart used the scanner to organize recipes on her computer. NeatReceipts got a huge boost in January 2006 when Martha Stewart featured the scanner on her television show. 'These guys have unique technology that allows that to happen very efficiently and in an easy-to-use way.'

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'We're all trying to figure out how to make sense of the paper that's lying around our desks and in our homes,' Petillo said. 'Les and Rafi are both experienced, dynamic and passionate about what they do,' said Doug Petillo, partner in Edison Venture Fund's West Chester office. In December, the firm was designated 'tech start-up company of the year' by the Eastern Technology Council. Last October, NeatReceipts was named the fastest-growing privately held company on the annual Philadelphia 100 list compiled by the Wharton Small Business Development Center.

In all, the Speros and outside investors have put $7.8 million into the company. The company has received financing from MentorTech Ventures and additional funding from Ben Franklin Technology Partners. In August, NeatReceipts raised $5.5 million from Edison Venture Fund. Revenue is expected to at least double to $16 million this year and projections are to more than double again next year, Rafi Spero said. Located in the Science Center at 3401 Market St., NeatReceipts has 90 employees and generated sales of $8 million last year. The company has 18 kiosks in eight airports and shopping malls, including the King of Prussia mall. Since then, NeatReceipts has gotten its product into retail stores - including Staples, Office Depot, OfficeMax, CompUSA and Sharper Image - and online at and TigerDirect. 'We were open 35 days in 2003, from Thanksgiving to Dec. Prospective customers were given a brochure before catching their flights, and some later purchased the scanner on the Web. People would say: 'I'm overwhelmed with receipts.

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'I would use a TV screen to demo the software. Sandwiched among kiosks that sold perfume, T-shirts, sunglasses and children's toys, Rafi Spero worked many 15-hour days. The NeatReceipts scanner debuted Thanksgiving 2003 and was sold at first over the Internet and in a kiosk at Philadelphia International Airport. The Speros invested $160,000 of their own money, raised $100,000 from Ben Franklin Technology Partners of Southeastern Pennsylvania, and attracted $100,000 from 'angel' investors.

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They hired a software engineer and designed the first version of the 'Scanalizer,' which was about the size of a pencil box and plugged into a computer. In October 2002, Rafi and Les Spero started NeatReceipts Inc. 'It seemed like such an obvious idea, but no one had done it,' said Rafi, who grew up in Merion and majored in psychology at Yeshiva University. The elder Spero was up for a new venture. He spoke to his father, Les Spero, who earlier had cofounded Strategic Management Group, a Philadelphia provider of computer simulations for business.

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His idea was a portable scanner with software that could convert the crumpled receipts, business cards and other papers into digital files that could be e-mailed, stored and printed to reduce clutter and simplify paperwork. Like others faced with paperwork drudgery, Spero thought there had to be a better way. To get reimbursed, he'd take the jumble of papers stuck in his wallet or pocket, line them up and make a photocopy to turn in. Rafi Spero was awash in expense receipts when he traveled as a consultant.

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