Establishes Foxit as the Leading Provider of PDF Compression, Conversion, and Optical Character Recognition
Foxit Software today announced the acquisition of New York-based CVISION Technologies, a PDF software company. CVISION efficiently captures PDF documents and optimizes them through fast, accurate optical character recognition (OCR) processes powered by its patented technology. The company also utilizes advanced file compression technology to streamline PDF file size for more rapid file transmission, faster access to documents on mobile platforms, and cost-efficient document storage. The deal positions Foxit as best-suited to providing the broad range of PDF software solutions that businesses need to effectively manage their documents.
The acquisition of CVISION builds upon Foxit’s 2015 acquisition of Luratech Software and enables Foxit to gain global leadership in the high volume, enterprise automation market for PDF compression, OCR solutions, and conversion.
“This acquisition will allow Foxit to combine the best attributes of CVISION’s PDF software with our existing industry-leading solution to give our customers the best of both worlds,” said Carsten Heiermann, CEO of Foxit Europe and the Enterprise Automation business unit. “For example, CVISION delivers very high OCR accuracy recognition rates by leveraging advanced image processing techniques, so the processing engine is able to better recognize text where other engines fail.”
CVISION has thousands of corporate clients in a wide variety of industry sectors including finance, banking, accounting, legal, education and federal, state and local government. Some of the company’s notable PDF customers include Ford Motor Co., New York Stock Exchange, Chase, GE Power & Water, Bank of America, and Verizon.
The experience that Foxit Software has gained from prior acquisitions will ensure that the integration of CVISION’s PDF intellectual property into the Foxit solution portfolio will be rapid and seamless for all customers, regardless of their size.
“As always, the satisfaction of our customers will be our highest priority during the integration,” added Heiermann. “Indeed, Foxit Software is known for its high level of customer service and care. The team is confident that the inclusion of the CVISION team will only build on that level of customer engagement. CVISION’s PDF customers can be confident that this acquisition will be beneficial to the ongoing success of their businesses.”
Shortly before the acquisition closed, SoftWorks AI, LLC was created as a separate company to develop and sell the Trapeze family of office automation business products. The new company will be managed by Ari Gross, former president of CVISION.
Xamcor Inc. acted as the sole Advisor to CVISION Technologies for this transaction.