Category Archives: News

KnowledgeLake, Inc. acquires RPA technology company RatchetSoft, LLC after years of successful partnership

KnowledgeLake today announced the acquisition of RatchetSoft, a U.S.-based robotic process automation (RPA) technology provider. KnowledgeLake customers and partners can now leverage intelligent document capture, workflow, and RPA in a next-generation cloud content platform—all from one vendor. By bolstering its portfolio with RatchetSoft’s attended and unattended ‘bot’ technologies, KnowledgeLake can help businesses leapfrog persistent roadblocks to digital transformation.

“We are impressed with KnowledgeLake’s vision and direction as a cloud services-based capture solution—the acquisition of an RPA vendor at this time rounds out its offering and brings new capability to both companies’ customers,” said Harvey Spencer, President of HSA Inc, the leading analyst company covering the world of capture with RPA software. “There is a big opportunity for capture services within the Microsoft channel, and adding RPA to KnowledgeLake’s feature stack puts them ahead of the competition.”

Organizations of all sizes use Ratchet-X RPA to automate and integrate existing processes and applications without having to modify existing software, nor involve the related software vendors. The solution provides KnowledgeLake a way to easily connect to line-of-business systems; the company has deployed Ratchet-X RPA in customer environments since 2012.

“We are very excited to join the KnowledgeLake organization,” said Joe Labbe, CEO and founder of RatchetSoft. “The KnowledgeLake platform was able to immediately absorb our RPA technologies, creating the most unique incorporation of RPA, machine learning, and process automation in the market today.”

The acquisition, finalized December 31, is built upon a longstanding, successful partnership between the two companies. RatchetSoft adds hundreds of customers to the KnowledgeLake base, as well as several partnerships with leading ECM providers that leverage RatchetSoft to participate in the booming RPA market. The full stack of RatchetSoft intellectual property (IP) is now available as part of the KnowledgeLake platform.

Ron Cameron, KnowledgeLake CEO, said: “We’ve chosen one of the top RPA solutions in the market; RatchetSoft’s IP is advanced in the RPA space. We’ve worked with RatchetSoft for several years and have experienced first-hand how well their channel-enabled and industry-leading RPA solutions fit with the KnowledgeLake platform and our customer base. Combining their technologies with our next-generation document capture and process portfolio presents an unparalleled opportunity to disrupt and innovate in the content services space. Our customers and partners will be extremely well served with the addition of this strategic offering.”

Konica Minolta Expands Enterprise Content Management Portfolio With ECM Purchase From ThoughtTrace, Inc.

The Land & Land Administration Solutions Add New Industry Expertise to Konica Minolta’s ECM Practice.

Konica Minolta Business Solutions U.S.A., Inc. (Konica Minolta) today announced the purchase of the Enterprise Content Management (ECM) business segment from ThoughtTrace, Inc., a Houston, Texas based software company using Artificial Intelligence (AI) and machine learning to streamline contract management for the Oil & Gas industry.

Prior to its corporate name change to ThroughtTrace, Inc. in August of 2018, the company operated as Agile Upstream Group, Inc. Konica Minolta will continue to provide the ECM and Land and Land Administration solutions formerly provided by Agile Upstream to Oil & Gas organizations.

“We have been working in the Oil & Gas industry for several years with our proprietary AI software platform, ALI. With the rapid market adoption and accelerated need for this contract management solution in the Oil & Gas industry, we realized that we needed to refine and concentrate our focus on the ALI side of our business,” said Nick Vandivere, CEO of ThoughtTrace, Inc. “Given the success of Konica Minolta’s ECM business we knew that our employees and customers of the ECM Business Segment would be in very capable hands.”

“It’s a proven land and land administration solution that will further benefit from the industry expertise the sales and technical consultants coming on-board will bring with them,” said Les Walker, President, BIS. “We recognize that the upstream segment is in need of an ECM solution for their division orders and leases, and the midstream and downstream segments need content management solutions to further streamline their manufacturing and distribution business processes. Agile’s customers will benefit from KMBS’ national resources and broader Solutions offering,” Walker added.

“The addition of the ECM business segment from ThoughtTrace brings new capabilities that complements our growth strategy,” noted Kevin Kern, senior vice president, Business Intelligence Services and Product Planning. “This acquisition brings both new talent and vertical expertise to our ECM practice.”

LRS Acquiring Drivve Inc.

Today, Springfield, IL-based Levi Ray & Shoup, Inc. (LRS) announced that it is acquiring U.S.-based Drivve Inc. and affiliated companies in Europe (collectively referred to as Drive). This innovative digitalization software provider will join the Enterprise Output Management (EOM) division of LRS, helping LRS expand and improve its document solution offerings. 

Established in 2008, Drive has developed an ecosystem of solutions and services to streamline document-intensive business processes. From image capture and routing technology to document management solutions, Drive’s software helps organizations to improve the security and efficiency of critical business workflows. Going forward, LRS and Drive development teams will work to fully integrate these data capture and digitalization features into the comprehensive LRS® output management suite. 

According to Drivve Inc. CEO Thilo Lutzeler, “Like LRS, the Drive team has been focused on optimizing specific elements of the document lifecycle. Separately, each company has become a leader in its own market space; together, we will be able to offer customers a comprehensive document ecosystem that streamlines every aspect of information capture, imaging, management, security, and distribution. We are very excited to help LRS bring these best-of-breed solutions to market.”

John Howerter, LRS Senior Vice President of Enterprise Output Management, added “By incorporating the Drivve software functionality into our EOM software suite, we will dramatically expand our ability to support the digitization and business process improvement projects that exist in our customers’ organizations.”

 

Is Amazon setting a new Capture Paradigm? Amazon Textract’s text extraction API enables processing documents for $1.50 per 1,000 pages.

Is this a game-changer for Capture and ECM?

Amazon Textract announced a service that automatically extracts text and data from scanned documents. Amazon Textract goes beyond simple optical character recognition (OCR) to also identify the contents of fields in forms and information stored in tables.

Many companies today extract data from documents and forms through manual data entry that’s slow and expensive or through simple optical character recognition (OCR) software that is difficult to customize. Rules and workflows for each document and form often need to be hard-coded and updated with each change to the form or when dealing with multiple forms. If the form deviates from the rules, the output is often scrambled and unusable.

Amazon Textract overcomes these challenges by using machine learning to instantly “read” virtually any type of document to accurately extract text and data without the need for any manual effort or custom code. With Textract you can quickly automate document workflows, enabling you to process millions of document pages in hours. Once the information is captured, you can take action on it within your business applications to initiate next steps for a loan application or medical claims processing. Additionally, you can create smart search indexes, build automated approval workflows, and better maintain compliance with document archival rules by flagging data that may require redaction.

Amazon Textract makes it easy to quickly and accurately extract data from documents and forms. Amazon Textract automatically detects a document’s layout and the key elements on the page, understands the data relationships in any embedded forms or tables, and extracts everything with its context intact. This means you can instantly use the extracted data in an application or store it in a database without a lot of complicated code in between.

Amazon Textract’s pre-trained machine learning models eliminate the need to write code for data extraction, because they have already been trained on tens of millions of documents from virtually every industry, including invoices, receipts, contracts, tax documents, sales orders, enrollment forms, benefit applications, insurance claims, policy documents and many more. You no longer need to maintain code for every document or form you might receive or worry about how page layouts change over time.

Amazon Textract’s text extraction API enables you to process documents for $1.50 per 1,000 pages. Whether you process a few hundred documents a year or millions, Amazon Textract provides OCR and structured data extraction (forms and tables) at very low cost, and you only pay for what you use. There are no upfront commitments or long-term contracts.

What do you think?

Kofax to Acquire Nuance Document Imaging Solutions

Acquisition Secures Innovative Technologies to Enhance its Intelligent Automation Platform

Kofax today announced it entered into a definitive agreement to acquire Nuance Document Imaging (NDI), a division of Nuance Communications, Inc. (NASDAQ: NUAN).

NDI provides software to help organizations optimize their information-based capture and print processes from being labor intensive, error prone and costly, into becoming highly efficient, automated and secure. The company’s products assist organizations in complying with information security policies and regulations, reducing risk and ensuring employees have complete control over documents and information. Nuance’s cross-platform compatibility provides seamless deployment across multi-function printers (MFPs), printers, desktops and mobile devices. Nuance solutions deliver a consistent, familiar and intuitive user-experience for more efficient and natural interactions with technologies used to create, capture, print and process documents.

“Through the acquisition of Nuance’s document imaging division, Kofax will drive customer value by adding key technologies, including cloud compatibility, scan-to-archive, scan-to-workflow, print management and document security, to our end-to-end Intelligent Automation platform,” said Reynolds C. Bish, Chief Executive Officer of Kofax. “In addition we will now be able to combine the best capture and print management capabilities available in the market into one product portfolio.”

NDI is the recognized leader in worldwide device and print management. More than 6 million knowledge workers use NDI’s Capture and Workflow solutions. The company has more than 100,000 active deployments of its Print Management solutions. Through today’s acquisition, Kofax becomes the global leader in Capture and Print Management.

“Nuance’s comprehensive solutions allow organizations to streamline and eliminate gaps across the full spectrum of workflows spanning the lifecycle of documents from origin to archiving,” said Al Monserrat, EVP & General Manager, Imaging Division at Nuance Communications. “With Kofax, our customers will benefit from the complementary and expanded capabilities of Kofax’s Intelligent Automation platform with solutions that cater to their unique needs.”

The transaction is expected to close by the end of Q1, 2019.

 

DocuWare Announces Leadership Transition

Leadership Change Takes Place at the Helm as DocuWare Continues its Successful Trajectory

DocuWare announced today that, effective January 1, 2019, company presidents Jürgen Biffar and Thomas Schneck will transition their leadership positions to Dr. Michael Berger, currently the company’s Chief Technology Officer, and Max Ertl, currently the company’s Chief Revenue Officer.

“Today’s announcements are about ensuring the company continues its long-term growth,” stated Jürgen Biffar, Founder and President. “This new structure will enable DocuWare to benefit from the extraordinary opportunities ahead. There is tremendous innovation and creativity at DocuWare and I have total confidence in Michael and Max to harness that energy to execute the company’s growth plan,” he added.

Founded in Germering, Germany in 1988, both presidents have steered DocuWare towards its current success over the past 30 years. Jürgen Biffar, President is based in Germany and oversees finance, product and marketing, while Thomas Schneck, President is based in the U.S. and is responsible for sales. Their dedication to the customers and enthusiasm for the technology have driven an ambitious product roadmap and growth plan.

The next phase of DocuWare’s growth will be led by newly appointed co-presidents, Dr. Michael Berger and Max Ertl.

“As with any successful company, change and transition is necessary. Therefore, it is with pride and gratitude that we hand over the responsibility to Michael & Max”, stated Thomas Schneck, President. “Both have played critical roles in the development and success of DocuWare and we believe there is no one more qualified to lead the company,” he concluded.

Dr. Michael Berger holds a Ph.D. in computer science, specializing in distributed and intelligent systems. After serving in senior positions within Siemens AG, the 48-year-old joined DocuWare in 2008. As Vice President Research & Development, Berger placed the development process on a modern foundation, driving innovations such as DocuWare Cloud and Intelligent Indexing. In May 2013, he took on the added responsibility of the company’s worldwide Technology Department, which encompassed Product, Research & Development, QA and IT Operations. He was promoted to Chief Technology Officer at the beginning of 2016. Dr. Michael Berger will assume global responsibility of products, services and finance.

Max Ertl joined DocuWare in 2001.  He had previously held leading positions at Siemens AG in the areas of strategic planning, marketing and international software sales and at Nemetschek, a construction software specialist. When he first joined DocuWare, Ertl was responsible for marketing. In 2006, he took over German-language sales regions and in 2008 assumed responsibility for the subsidiaries in France, Spain, the UK and the EMEA regions.

Following his promotion to Chief Revenue Officer in January 2018, Ertl continued to demonstrate unique leadership qualities bringing his Regional Sales Director team to new heights and expanding the network of authorized DocuWare partners. The 54-year-old played a decisive role in the company’s ability to increase its worldwide revenue from € 6.3 million in 2001 to approximately € 44 million in 2017. Max Ertl will assume global responsibility for sales and marketing.

In a statement released to staff across DocuWare’s global office locations yesterday, Biffar and Schneck thanked their staff of 300 for their work and dedication and emphasized that the entire DocuWare community, from employees to partners to customers, are the true reasons behind DocuWare’s long-term sustainability. Their achievements in business growth enabled strategic re-investment into product and technology developments that have enabled DocuWare to become a known and trusted brand in the content services space.

Max Ertl and Michael Berger will assume the roles of co-presidents on Jan 1, 2019. Mr. Biffar and Mr. Schneck will relinquish all day-to-day management responsibilities at this time and remain as strategic advisors to the company’s leadership team.

 

Konica Minolta Expands Enterprise Content Management Portfolio with Acquisition of VeBridge Holdings, Inc.

VeBridge Adds a Wealth of ECM Tools and Knowledge that Simplify Document Management Processes

 Konica Minolta Business Solutions U.S.A., Inc. (Konica Minolta) today announced the acquisition of VeBridge Holdings, Inc., a Lexington, Kentucky-based document management business that specializes in enterprise content management (ECM), business process automation and outsourcing, and document conversion services. 

VeBridge, founded in 1998, has a lengthy history of turning business challenges into profitable competitive advantages for their customers by converting paper to digital information that enables automating manual processes while providing secure yet easy access to information.  By helping companies take the first step in converting paper documents, and managing their content with ECM and business process management (BPM) products including  OnBase® by Hyland Software, the company provides a wide array of information and content management options for its customers. 

“What sets us apart is the ability to build workable bridges between people, process and technology in the manufacturing, healthcare, education and insurance spaces,” said Paul Engel, CEO and founder of VeBridge. “Understanding how to best meet our customers’ business needs, a process we refer to as relentless discovery, is the very foundation for the work we perform that ultimately benefits the end-users of our products and services.”

Through its ECM Business Development initiative, Konica Minolta is continually identifying companies with complementary services to support its national expansion of the ECM practice.  “With its geographic location and solid relationships in key industries, we knew that VeBridge would be a good addition to our practice,” says Les Walker, vice president, ECM Business Development. “We look forward to future opportunities for other compatible businesses to join our practice and support our focus on content management, conversion services and SharePoint consulting.”
                                                                           
Kevin Kern, senior vice president, Business Intelligence Services and Product Planning noted, “The acquisition of VeBridge further complements the portfolio of ECM, business process automation, document management solutions and document conversion services we currently offer to our customers.” Kern added, “We’re excited to make this addition, which expands our geographic coverage in the Midwest, and further demonstrates our commitment to meeting the current and future needs of businesses nationwide in solving their content and document management challenges.”  

 

Esker Achieves Record Sales Growth, Enhances Customer Experience Through Partnerships and Solutions Improvements

Their most successful quarter in their history

Esker, Inc., a worldwide leader in document process automation solutions and pioneer in cloud computing, recently announced that the company once again experienced its most successful quarter in company history. Fueled by an increased demand for AI-driven solutions and the company’s commitment to delivering comprehensive, industry-leading solutions, the first quarter of 2018 marked Esker’s 40th consecutive quarter of positive growth, with the second quarter continuing that trend.

 “This year has been productive and profitable for Esker, thus far. We continue to experience dynamic, double-digit growth quarter over quarter and year over year,” said Steve Smith, U.S. chief operations officer at Esker. “Moving forward, this gives us the resources to pursue a strategy that combines organic growth and acquisitions.”

In light of this growth, Lyon, France-based Esker was recently awarded the Futur40 award by Forbes France for recognition as one of the fastest growing small and medium-sized enterprises in France.

2018 highlights

During the first half of 2018, Esker gained several notable clients across a variety of industries. These customers experienced significant results following the implementation of Esker’s documents processing automation solutions:

  • Heineken Spain increased its order processing speed fivefold
  • Delicato Vineyards achieved a 60-percent increase in order processing speed
  • Trek Bicycles reduced past-due percentage by four percent, as well as Days Sales Outstanding (DSO)
  • Pelican Products automated its accounts payable invoicing and order management processes, reducing its order entry time by 80 percent

New customer contracts have been a huge driver of success in the first half of 2018, with the cumulative value of new contracts up 54 percent year over year. In addition, Esker’s continued focus on enhancing the customer experience has led to many existing customers expanding their contracts and implementing additional solutions throughout the year.

“Our growth throughout 2018 can be largely attributed to increased interest in cloud-based automation solutions. Revenues from these solutions increased by 21 percent over the quarter, representing 87 percent of the Esker’s business,” Smith said. “We’re continuing to see demand among businesses for AI-driven automation solutions that further their digital transformation goals.”

Esker also experienced growth in the form of partnerships. Since the start of the year, Esker has partnered with several leaders in the industry, including:

  • Viveris, a French-based systems integrator, allowing for faster implementation while maintaining high standards of customer service.
  • Optima EMC, a global implementation organization, providing a more holistic set of offerings that complement the evolving nature of digital transformation.
  • Genpact, a global professional services firm that delivers digital transformation for its clients.
  • Rimilia, a developer of automated intelligent financial solutions, providing Esker’s customers and prospects with market-leading cash application automation.

Through pursuing these partnerships, Esker has consistently maintained its dedication to exceptional customer service and experience.

Solution advancements

Esker showcased advancements in its artificial intelligence and machine-learning capabilities at this year’s Esker Americas User Conference (EAUC) in April. Esker’s customers and employees came together in Madison, Wisconsin, to learn more about Esker’s full suite of solutions and evolving capabilities.

Since the conference, Esker has expanded the functionality of its Esker Anywhere™ mobile application to support order management. The new features allow mobile users to easily place orders in a variety of forms and gives sales representatives greater visibility into the order process with a mobile dashboard as well as seamless integration with Esker’s AI-driven document process automation solutions. Additional improvements to the sales order process include integrating the Oracle E-Business Suite Enterprise Resource Planning (ERP) solution, streamlining Electronic Data Interchange (EDI)-based document processing and automating orders referencing quotes.

Esker also received ISO 27001:2013 certification for its Information Security Management System (ISMS) this year. ISO 27001 provides an international standard for evaluating the implementation, management and maintenance of information security within a company. This certification demonstrates that Esker has implemented information security in all areas of the organization.

Esker anticipates continued growth in the second half of 2018 as a result of these solution improvements and strategic partnerships.

 

DocuWare Continues Leadership in Cloud Growth

Increased Cloud Revenues Reflect the Growing Number of Businesses Migrating to the Cloud

DocuWare, a provider of cloud solutions for document management and workflow automation, demonstrates its continued leadership in mid-market cloud solutions, with cloud revenues up 112% in the first half of 2018. This bodes well for the company, and its growing partner channel, as industry predictions show that 78% of small to medium-sized businesses will move to some form of cloud computing in the next two years.

Over the past two years the company has seen accelerated success with its cloud-first strategy. With its reliability and security, as well as time and money-saving features, the cloud is the most effective productivity platform for employees. DocuWare’s expansive growth is evidence of how more organizations are looking to leverage these benefits to their advantage.

“There is no doubt that the release of DocuWare version 7 and the launch of our cloud-only DocuWare Kinetic Solutions, are critical components to our cloud growth this year,” says Jürgen Biffar, DocuWare founder and co-president. “With two brand-new cloud solutions targeted at finance and HR teams, we’re helping organizations shift manual processes to digital ones, with minimal downtime during the transition and high long-term value for every DocuWare user,” Biffar adds.
The company’s overall revenues increased 15% in 1H 2018, adjusted for foreign currency effects while EBIDTA was up 16%. “DocuWare’s profitability has allowed us to invest in the technology and resources to meet the growing demand for cloud-delivered solutions. We look forward to providing even more digital workflow automation solutions that positively impact the processes at the heart of our customers’ businesses,” concludes Biffar.

 

DocuSign signs definitive agreement to acquire SpringCM

Transaction accelerates DocuSign’s System of Agreement vision

As part of its vision to modernize companies’ Systems of Agreement (SofA), DocuSign Inc. (Nasdaq:DOCU) today announced that it has signed a definitive agreement to acquire SpringCM, a leading cloud-based document generation and contract lifecycle management software company based in Chicago.

With the addition of SpringCM’s capabilities in document generation, redlining, advanced document management, and end-to-end agreement workflow, the deal further accelerates DocuSign’s broadening of its solution beyond e-signature to the rest of the agreement process—from preparing to signing, acting-on, and managing agreements.

“DocuSign pioneered the e-signature category, and has built a strong SaaS business around that capability. We’ve also started to offer solutions that connect and automate the entire agreement lifecycle,” said Dan Springer, CEO of DocuSign. “We’ve done this with SpringCM as a partner across hundreds of joint commercial and enterprise customers. And we have many more DocuSign customers asking us to provide these capabilities natively as part of our platform. That’s why we believe today’s announcement makes such great business sense.”

“SpringCM shares DocuSign’s passion for transforming and automating the foundation of doing business—the agreement process,” said Dan Dal Degan, CEO of SpringCM. “That’s what we’ve been focused on since inception, and it’s why we power the contract lifecycle management processes for more than 600 of the world’s leading companies—including ADP, Aetna, Facebook, Hilton, Lenovo, Spotify, and the U.S. Department of Agriculture. By joining forces with the market leader, we can continue to simplify and accelerate the process of doing business, and drive innovation both before and after agreements have been DocuSigned.”

Under the terms of the agreement, DocuSign will acquire SpringCM for approximately $220 million in cash. Subject to customary closing conditions, including U.S. regulatory approval, the acquisition is expected to close in the third quarter of DocuSign’s fiscal year.