Category Archives: News

Automation Anywhere Unveils the Industry’s Smartest IQ Bot, Making AI Accessible to Millions

Ability to automatically process documents in most any language from anywhere will change the way people work

Automation Anywhere®, the global leader in Robotic Process Automation (RPA), today announced major advances to IQ Bot 6.5™, its artificial intelligence (AI) solution that greatly expands the global market for RPA.

Capable of learning from humans, IQ Bot can now auto-detect, read and process a variety of complex, low-resolution documents and emails in 190 languages as well as process images with the Automation Anywhere Mobile app.

With the global workforce becoming increasingly mobile – with 1.87 billion mobile workers by 20221 -users can now access IQ Bot from a mobile device, process images and have the results emailed to them – all while on the go, so that anybody, anywhere can use it: field workers, home appraisers, insurance adjusters and delivery workers.

Today, an estimated 80 to 90 percent of organizations still manually extract data from documents and emails. The advanced AI capacities of IQ Bot are designed to free up business users around the world from the mundane task of entering data into enterprise applications. Automation of such complex, repetitive tasks liberates people to focus on what humans do best – innovate, collaborate and use their talent to solve business challenges.

“The ability to implement a bot quickly and cost-effectively to automate data capture can dramatically impact a company’s bottom line,” said Harvey Spencer, president of HSA, a leading analyst firm that follows this market. “As organizations eliminate legacy document processing solutions and bots become smarter using AI, the potential market for tasks that can be automated expands significantly. In many ways, RPA companies are at the forefront of this.”

Advances in AI and cloud technologies are rapidly expanding the market for data capture, a $20 billion untapped opportunity, according to a new study by Harvey Spencer Associates (HSA)2 A separate research study found that automation can cut down the cost of processing documents, such as invoices, insurance claims and loan applications, by as much as 84 percent.3

The latest release of IQ Bot, which combines AI with RPA, offers:

  • Unique ability to process low-quality documents and detect handwriting
  • Ability to process documents in 190 languages with localized interface for English, French, German, Japanese, Korean, Spanish, Mandarin and Simplified Chinese
  • Capability to process document images via the new mobile app
  • Advanced AI algorithms for smarter document classification and separation
  • Enhanced integrations to unlock capabilities, such as predictive modeling and chat bots sourced from the world’s largest ecosystem of AI partners

“We believe the full potential of enterprise automation can only be realized when RPA and AI work together,” said Mihir Shukla, chief executive officer, Automation Anywhere. “Today, we are providing universal access to automation, with new language and mobility features in IQ Bot eliminating the friction that limits productivity and helps workers do their jobs better.”

Nintex Acquires Robotic Process Automation Provider EnableSoft

Nintex today announced its acquisition of Robotic Process Automation (RPA) provider EnableSoft, maker of Foxtrot RPA, to bring Nintex customers and partners powerful, easy-to-use RPA capabilities with the fastest time to value.

Among RPA vendors, Foxtrot RPA stands out for “Time to First Value” whether integrating existing processes or building bots from scratch. Thanks to Foxtrot’s combination of both power and ease, the time it takes organizations to recognize real, tangible benefits is hours and days, rather than weeks or months. One U.S. bank, which doubled its assets while keeping flat operations costs, attributes this success to its use of Foxtrot RPA.

“Acquiring EnableSoft Foxtrot RPA delivers on Nintex’s strategic plan for offering the industry’s most complete process platform to manage, automate and optimize business processes across all departments and industries,” said Nintex CEO Eric Johnson. “Foxtrot RPA aligns perfectly with our product design principles: to make solutions that are powerful and easy to use, drive fast time to value, lowest total cost of ownership, and incredible satisfaction. Operations, IT and process professionals use the Nintex Process Cloud to quickly improve how people work, with clicks not code, to deliver robust and flexible solutions to help improve their operations and digitally transform their businesses.”

Maureen Fleming, program vice president of IDC’s Intelligent Process Automation research program, added, “RPA is perfect for breaking down a manual task into automatable steps, and workflow is great for connecting – or gluing – those steps together, ensuring they are completed correctly and able to advance to the next step in a larger business process. RPA and workflow work together to increase the volume of process work that can be automated, and now Nintex offers both.”

Every company has repeatable processes and tasks that can benefit from automation like RPA. Foxtrot offers a platform to make the creation and deployment of RPA bots faster and easier than ever before making it cost effective, enabling a broader set of people and delivering rapid ROI. Foxtrot has gained significant traction in regulated industries, including financial services, banking and healthcare, because of its approach to RPA. Today hundreds of organizations turn to the Foxtrot platform to successfully automate their processes.

“Nintex is providing enterprises with a complete digital business platform that can handle everything from workflow and content automation to digital transaction management to the last mile of automation with RPA,” said Aragon CEOJim Lundy. “Nintex has transformed from its roots in workflow automation to becoming one of the most complete process platforms on the market today.”

Top Image Systems Enters into a Definitive Agreement to Be Acquired by Kofax

Stockholders to Receive $0.86 in Cash per Share

Top Image Systems Ltd. (NASDAQ:TISA) today announced that it has signed a definitive agreement to be acquired by Kofax, a leading supplier of Intelligent Automation software to automate and digitally transform end-to-end processes, and a portfolio company of leading private equity investment firm, Thoma Bravo. Under the terms of the agreement, Top Image Systems stockholders will receive $0.86 per share in cash for each ordinary share of Top Image Systems, representing a 65% premium over Top Image Systems’ volume weighted average price (VWAP) over the past 30 trading days.

Brendan F. Reidy, Chief Executive Officer of Top Image Systems, commented: “We are pleased to announce this transaction with Kofax. The transaction will allow Top Image Systems to continue to provide its innovative content processing and remittance solutions to our customers while benefiting from the substantial resources of Kofax and Thoma Bravo. Our Board of Directors believes this transaction is in the best interest of our stockholders.”

“TIS customers will enjoy single-vendor access to Kofax’s Intelligent Automation solutions that deliver increased efficiency, enabling the human and digital workforces of tomorrow,” said Reynolds C. Bish, Chief Executive Officer of Kofax. “Leveraging TIS’ SaaS expertise will assist us as we further advance the secure cloud capabilities of our end-to-end Intelligent Automation platform.”

The Board of Directors of Top Image Systems has unanimously voted to approve the definitive agreement and to recommend that stockholders approve the transaction. Closing of the transaction is subject to customary closing conditions, including, among others, the affirmative vote in favor of the transaction by holders of a majority of the Company’s outstanding ordinary shares present and voting at a meeting, and required regulatory approvals. It is anticipated that the special meeting of Top Image Systems’ stockholders to vote on the transaction will be held in early 2019, and, if the transaction is approved, the merger would be expected to close shortly thereafter.

The transaction will be financed with cash from Kofax’s balance sheet. There is no financing contingency to the obligations of Kofax to consummate the transaction. 

OpenText Buys Catalyst Repository Systems, Inc.

A Leading Provider of eDiscovery Solutions for the Legal Industry

OpenText™ (NASDAQ: OTEX), (TSX: OTEX), today announced it has acquired Catalyst Repository Systems, Inc. (Catalyst), a leading provider of eDiscovery solutions for corporate legal departments and top law firms. 

“The joint strength of OpenText and Catalyst confirms our position as a leading provider of eDiscovery technology and combines a powerful set of solutions to help corporate legal departments and law firms seize the opportunities of automation, digital transformation, AI and machine learning,” said Mark J. Barrenechea, OpenText CEO & CTO. “The legal industry is at an important crossroads and OpenText is a strategic choice for legal industry leaders, ensuring they can continue to offer compelling service, help their organizations navigate uncertain regulatory environments, and secure successful outcomes for their clients.” 

Catalyst will be integrated into OpenText’s Discovery Solutions, helping customers further leverage their technology investments and benefit from OpenText’s continued investments in innovation. 

Barrenechea further added, “We welcome Catalyst’s leading corporate and legal customers, partners and employees to the OpenText community. We are building the world’s top legal technology platform and the Catalyst team and product further strengthen our portfolio and expertise.” 

The purchase price of the acquisition is approximately $75 million in an all-cash transaction. Further information for investors, including an overview presentation regarding Catalyst, can be found at: investors.opentext.com/mergers-and-acquisitions. 

Dropbox to Acquire HelloSign

Acquisition expected to improve document workflows for hundreds of millions of Dropbox users

Dropbox, Inc. (NASDAQ: DBX), today announced it has entered into a definitive agreement to acquire HelloSign, an eSignature and document workflow platform with more than 80,000 customers.

“With over an exabyte of data on our platform, millions of people already use Dropbox as a place to collaborate on their most important content,” said Dropbox Co-founder and Chief Executive Officer Drew Houston. “We’re thrilled to welcome HelloSign’s talented team to Dropbox and add their capabilities to our product suite. HelloSign has built a thriving business focused on eSignature and document workflow products that their users love. Together, we can deliver an even better experience to Dropbox users, simplify their workflows, and expand the market we serve.”

Some of life’s most important moments require signing documents or completing forms — from opening an investment account or buying an apartment, to signing a major new customer or hiring a new employee. But even today, millions of people still rely on legacy pen and paper to complete these tasks, resulting in an inefficient and fragmented experience. HelloSign’s simple, easy-to-use product suite spans capabilities like eSignature and online fax with HelloSign and HelloFax, to fully customizable document workflow solutions with HelloWorks and HelloSign API — improving everyday processes while also helping customers close deals faster, onboard new hires with ease, and complete documents without errors.

“We waste so much time using clunky tools that were designed for yesterday’s work environment,” said HelloSign Co-founder and Chief Executive Officer Joseph Walla. “Over the past 10 years, Dropbox has built a trusted global brand focused on transforming people’s working lives. We share a design philosophy based on building the best experience for end-users, fueling our efficient business models and sales strategies. Together with Dropbox, we can bring more seamless document workflows to even more customers and dramatically accelerate our impact.”

Under the terms of the agreement, Dropbox will acquire HelloSign for $230 million in cash, subject to customary purchase price adjustments and closing conditions. The acquisition is expected to close in Q1 2019.

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.