In this section we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, upcoming webinars, events and more.
What we cover in this week’s recap:
🗞️News:
Datamatics announces Q4FY24 results, is “happy to end on a healthy note”, and looks ahead to FY25 IDP provider Datamatics has announced its standalone and consolidated financial results for the fourth quarter and full year (ended March 31, 2024), Q4FY24. Rahul Kanodia, Vice Chairman and CEO of Datamatics, commented on Q4FY24 results: “We are happy to end Q4FY24 on a healthy note. Our revenue increased by 11.8% QoQ and EBIT increased by 27.8% QoQ. For FY24, we witnessed a revenue growth of 6.2% over FY23.” Rahul Kanodia continued: “As we step into FY25, we will continue to focus on the Western markets, strengthen capabilities along hyper-scalers, and penetrate deeper into existing accounts. In line with this, we recently acquired Dextara Digital, a premier provider of Salesforce services. We remain bullish on the opportunities that Artificial Intelligence presents and have incorporated GenAI in our Intelligent Automation suite of products. We have strengthened the management team and will continue to do so through the course of the next year.” The recent appointment of Dinesh Kumar VK as EVP and Global Sales Head to lead Datamatics’ global sales function and expand the company’s global presence demonstrates this.
Celaton is acquired by software solutions provider AdvancedAdvT IDP vendor Celaton has announced that it has been acquired by software solutions provider AdvancedAdvT (ADVT). ADVT has agreed to acquire the IDP vendor for cash consideration of £5.0 million net of cash acquired of £1.5 million (cash as at April 30, 2024). With the acquisition of Celaton, ADVT, which is led by Vin Murria, a UK businesswoman and one of Celaton’s investors, aims to accelerate its solution offering to gain a competitive advantage in the digital transformation space. Jim Chase, Executive Chairman at Celaton, commented: “Celaton naturally aligns with ADVT’s focus of empowering customers by streamlining complexities, automating repetitive tasks, and ultimately enhancing productivity, compliance, and engagement.” He continued: “This transaction is a great opportunity for our customers and our team alike. We will have access to more investment as well as a larger pool of digital transformation expertise across the wider group.” According to the IDP vendor, all employees will remain in their positions when the company is transferred to the new owners.
Hyland appoints Jitesh Ghai as President and CEO as its long-time President and CEO Bill Priemer retires Intelligent content solutions provider Hyland has announced the appointment of Jitesh Ghai as President and CEO, effective May 20. Hyland’s long-time President and CEO Bill Priemer will retire after 27 years with the company, including the last 11 as CEO. Bill Priemer will, however, retain his seat on the company’s Board of Directors. Hyland explained the appointment of Jitesh Ghai, who most recently served as EVP and Chief Product Officer at enterprise cloud data management provider Informatica where he led more than 2,000 team members in the company’s global product organization: “His role in driving innovation-led transformations and defining and executing the vision for cloud, data and AI capabilities will be vital in his new role as Hyland delivers to market next-generation, cloud-based and AI-driven solutions like the recently launched Hyland Experience Automate.” Jitesh Ghai commented on his new role: “I’m incredibly excited and honored for this unique opportunity to lead the next chapter for Hyland employees, customers and partners globally. I congratulate Bill on his successes at Hyland, and my goal is to build upon the foundation he’s established, drive our innovative culture forward and to further cement our position as the industry leader in intelligent content solutions. We are just getting started, and our Hyland team members and stakeholders can be excited about what our future holds.” Alan Pelz-Sharpe, founder of analyst firm Deep Analysis, commented: “While these leadership transitions are noteworthy, they signify more than just personnel changes. Hyland is deliberately shifting from traditional Enterprise Content Management (ECM) to content-centric automation. This strategic pivot reflects the evolving landscape of digital transformation, where businesses increasingly demand solutions that streamline and automate processes.”
Blanc Labs appoints two new members to its executive team Fintech automation solutions provider Blanc Labs has announced the appointment of Prithvi Srinivasan and Ali Khachan to its executive team. Prithvi Srinivasan, a former Partner at Deloitte Consulting, joins Blanc Labs as new Managing Director for Advisory Services and Ali Khachan, former Principal at Boston Consulting Group, joins Blanc Labs as new Managing Director of AI. Hamid Akbari, CEO of Blanc Labs, explained the appointments: “The addition of Prithvi and Ali to our executive team significantly strengthens Blanc Labs’ strategic capabilities and reinforces our position as a leading technology partner for the financial sector. Their exceptional expertise and visionary leadership will accelerate our strategic initiatives across Advisory Services, Data, Automation, Artificial Intelligence, and Generative AI solutions. I am confident that with Prithvi and Ali on board, Blanc Labs will achieve new heights in delivering exceptional value to our clients and shaping the future of digital transformation in the financial services industry.”
Cogent Labs’ IDP solution is selected by the Japanese Ministry of Economy, Trade and Industry METI (JP only) Cogent Labs, an AI solutions provider has announced that SmartRead, its IDP platform, has been selected by the Japanese Ministry of Economy, Trade and Industry (METI) to receive subsidy to support workplace reforms. Thanks to the subsidy, Cogent Labs will provide SmartRead to schools, enabling teachers to replace manual data entry of paper documents in YoliSol, an integrated school management system with all-in-one functions necessary for school work and the digital experience in education.
📰Article:
Does no one hear the cry of the supply chain industry for document automation? Read this article by Alan Pelz-Sharpe, founder of analyst firm Deep Analysis, in which he explains the paradox of the global supply chain industry being very advanced in one respect with AI and robotics, but at the same time completely lacking in document automation. He shares why he believes this is still the case and how Intelligent Document Processing fits in perfectly, although not many providers yet tackle the supply chain industry.
Intelligent Document Processing for handling shipping documents This article by Slavena Hristova, Director of Product Marketing at ABBYY, ties in seamlessly with the previous article from Deep Analysis. It shows how Intelligent Document Processing contributes massively to the extraction, processing and analysis of shipping documents and how transportation and logistics providers benefit from this technology for a variety of reasons.
🎧Podcast:
The Evolution of Document Processing: From OCR to IDP Watch this 28-minute podcast in which Jonathan Grandperrin, CEO and Co-Founder of Mindee, a developer platform for AI document processing, shares insights into the evolution of document processing technologies, highlights the transition from traditional OCR to IDP, and discusses Mindee’s latest product, docTI.
💡Opinion:
Forget Standardization — Pursue Actionable Data: Stay tuned for the opinion piece by Harald Collet, Co-Founder and CEO of IDP vendor Alkymi.
🎥Upcoming Webinar:
May 15, 2024: Unleash the Power of InvoiceAgility: Any Invoice, Anywhere, Any Way Register for this webinar and receive a live demo from Emily Nash-Walker, Senior Director of Product Strategy at Tungsten Automation, and learn first-hand how InvoiceAgility, Tungsten Automation’s suite of solutions, can revolutionize the invoice management process for businesses.
📆Upcoming Events (mostly in-person):
May 30-31, 2024: IEEE Swiss Conference on Data Science (SDS) in Zurich, Switzerland This event will focus on Applied Data Science and brings together leaders, science and business experts to exchange ideas and drive innovation in products and services, with a focus on the Swiss market.
June 3-5, 2024: 8th Artificial Intelligence & Intelligent Automation (IAAI) Summit in Frankfurt, Germany This event will focus on how organizations can make the transition to an autonomous enterprise through processes, technology, GenAI, data and people. Participants will learn how to use AI and intelligent automation in finance, software development, internal and external customer support, legal applications, supply chain, HR and many more.
📌Find more upcoming events in the Intelligent Document Processing space here.
See you next week!
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