The Intelligent Document Processing (IDP) vendor has been acquired by Duco, a SaaS provider of AI-powered data automation. By joining forces, Metamaze and Duco aim to create a one-stop AI platform for all types of data from all types of documents.
Metamaze, an Intelligent Document Processing (IDP) vendor, announced February 6 that the company has been acquired by Duco, a SaaS provider of AI-powered data automation. Financial terms of the deal were not disclosed.
Niels Van Weereld, CEO and board member at Metamaze, commented on the acquisition: “We started Metamaze to tackle the huge and growing ‘unstructured data problem’. Most IDP platforms are limited by preset models, common document types, and fixed sets of fields. We’ve built Metamaze as an AI-powered self-learning intelligence platform that reads and interprets any document to extract information and data by itself. Embedding our tech into a complementary data automation suite, while scaling globally is our primary goal. We are very excited to join forces with Duco, who share our automation vision, and to grow Metamaze as a core part of Duco’s strategy.”
Christian Nentwich, Founder of Duco, explained: “Duco has taken a very extensive look at firms in this space and we are extremely pleased that, in Metamaze, we found a company that shares our vision of how software should be delivered – in the cloud, with AI doing the heavy lifting, and focused on a powerful business end-user experience, based on a no-code framework. By combining Metamaze with our proven enterprise-grade security and scale, we are rapidly delivering innovation safely to some of the world’s most demanding businesses.”
Michael Chin, Duco’s CEO, added: “Combining Duco’s and Metamaze’s capabilities and expertise fundamentally changes how firms deploy AI in their operations. Our customers will now be able to bring together all unstructured and structured data in a single platform and manage it through its full lifecycle. They can avoid point solutions and automate the biggest time wastes, such as manual data entry, manual data validation and reconciliation. This is highly transformative for areas like post-trade operations in financial services, which remains under-automated to this day. It is a massive step forward towards Duco’s vision of reducing the time spent on data related work in operations and finance teams by 90%.”
Last summer, Metamaze introduced Hydra, its new model architecture for IDP, which solved the problem of partially annotated data.
Headquartered in Antwerp, Belgium, Metamaze offers an Intelligent Document Processing (IDP) platform that enables organizations to train, manage, integrate and use state-of-the-art AI models to automatically process, extract and structure information from any type of document.
You can find the full press release here.
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