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:
Cogniquest AI celebrates its 3rd anniversary, looks back at some of the milestones
Intelligent Document Processing vendor Cogniquest AI celebrated its third anniversary on January 28th, 2025. Satish Grampurohit, CEO and Co-Founder at Cogniquest AI, looks back at some of the milestones of the last three years: Cogniquest AI has launched a state-of-the-art document intelligence platform, grown from a five-member founding team to 40 members, developed innovative features like Table xTract, established GTM partnerships with leading global technology companies to scale their solutions in the cloud, been inducted into the NASSCOM DeepTech Club, achieved ISO 27001, SOC2 and GDPR compliance, secured funding from Cedar-IBSi Capital as well as participation from over 25 angels via AngelList India and Cogniphy AIF, welcomed renowned tech industry leaders U B Pravin Rao and Ralph Groce to its advisory board, built a solid pipeline, started generating platform revenue and successfully signed up subscription clients, and the company was featured in Intel’s CES 2024 keynote under next-generation AI PC technologies. Satish Grampurohit added: “As we celebrate our successes, we’re equally excited about the road ahead. With innovation at the heart of what we do, we are committed to scaling new heights and redefining possibilities in AI-driven document intelligence.” Congrats to the entire Cogniquest AI team!
IDP vendor Ripcord announces its merger with document and data transformation company VASTEC
Intelligent Document Processing vendor Ripcord has announced that it has merged with VASTEC, a document and data transformation company with an 18-year proven track record in the government and enterprise sectors. With this merger, Ripcord and VASTEC combine advanced AI robotic technology and IDP solutions with expertise in secure document conversion and data transformation solutions to provide organizations with access to premier technology and expertise. Sam Fahmy, CEO of Ripcord/VASTEC, commented: “This merger marks a transformational milestone for our companies and the digitization space. By uniting Ripcord’s advanced robotic and AI technologies with VASTEC’s customer depth and proven track record, we are poised to transform digitization, particularly in the enterprise and government sectors, where scale, speed, and security are paramount.” Richard Salem, Founder of VASTEC, added: “The combination of Ripcord’s technology and VASTEC’s expertise creates an unparalleled offering for customers looking to modernize their document management. As organizations look to digitize, modernise, and safeguard their records, this merger ensures they have access to best-in-class technology and expertise.”
Indico Data unveils enhanced out-of-the-box AI capabilities purpose-built for the insurance industry
Intelligent Document Processing vendor Indico Data has unveiled its enhanced out-of-the-box AI capabilities purpose-built for the insurance industry. According to the IDP vendor, the solution builds on its out-of-the-box agents combined with its Agentic AI decisioning capabilities to support more than 20,000 insurance-specific terms, 900 document types and 70 languages, enabling operational flexibility for carriers. Tom Wilde, CEO of Indico Data, commented: “As the first to bring a large language model solution to the insurance industry, Indico Data has been driving innovation for years. Our deep insurance expertise and cutting-edge AI enable us to tackle the industry’s toughest challenges, turning unstructured data into actionable insights with unmatched speed and accuracy. Now with our schema-driven, no-code solution, insurers bypass costly model training and see measurable results from day one—delivering immediate business value.”
Klippa joins forces with fintech company Bizcuit to simplify processes for SMEs
Intelligent Document Processing vendor Klippa has announced a strategic partnership with Bizcuit, a fintech company specializing in banking integrations and accounting system connectivity. Together, the two companies will combine their expertise with modern technology and a robust platform to simplify complex processes for small and medium-sized enterprises (SMEs). Bizcuit’s platform enables banks and software providers to incorporate services such as bank integrations, payments, document processing and accounting system connectivity. By integrating Klippa’s IDP solutions into the platform, Bizcuit can now offer its partners even more advanced tools, such as premium invoice recognition (offering 100% recognition accuracy), as well as the integration of a Peppol access point for e-invoicing (Peppol is an EU standard for exchanging electronic documents). Jeroen Kant, CCO of Klippa, commented: “We are thrilled to partner with Bizcuit to expand our reach and help businesses across Europe thrive. This collaboration combines Klippa’s innovative technology with Bizcuit’s robust platform, enabling us to provide banks and software providers with powerful tools to automate document workflows and enhance their SME propositions.”
Datamatics reports Q3FY25 revenue growth of 4.6% QoQ and 15.2% YoY
Intelligent Document Processing provider Datamatics has announced its standalone and consolidated financial results for the third quarter (which ended December 31, 2024). Rahul Kanodia, Vice Chairman and CEO of Datamatics, commented: “We are pleased to report a robust revenue growth of 4.6% QoQ and 15.2% YoY, even in a seasonally weak quarter. This growth was broad-based across all segments, demonstrating the resilience of our business model. We maintained an EBIT margin of 10.5%, driven by our focus on cost optimization and disciplined execution. While demand for our offerings remains steady, we are vigilant about macroeconomic uncertainties ahead.”
PFU America, Inc. introduces subscription-based software suite to efficiently scan, check, and classify documents
Document scanning solutions provider PFU America, Inc. has announced the availability of PaperStream Capture Pro and Pro Premium. The subscription-based software suite adds new features, including forms recognition to correctly recognize and process multiple form types in a single batch. Daisuke Kutsuwada, President and CEO of PFU America, Inc., explained: “Businesses of all sizes are struggling with how to better leverage their data to create actionable insights and smarter customer interactions in an efficient and accurate manner. PaperStream Capture Pro and Pro Premium are equipped with features to move our customers’ business forward and provide a competitive edge by streamlining time-consuming data capture and analysis processes. This subscription-based software, coupled with our award-winning Ricoh fi Series document scanners, delivers best-in-class image processing and advanced automation and security features to create actionable data and help today’s businesses thrive.”
📰Article:
Executive insights: The value of partnership and collaboration
How important is collaboration in the fintech industry? Read this article in which David Snitkof, SVP of Growth at Ocrolus, Sam Bobley, CEO at Ocrolus, and Vik Dua, COO at Ocrolus, talk about the importance of partnerships and collaborations as a driving force for innovation and success in the industry.
💡Opinion:
How to Ensure AI Works for Your IDP Processes, Not Against It
What happens if AI misinterprets crucial data or disrupt workflows? “The answer lies in a thoughtful and strategic approach to AI integration,” says Neil Walker, Head of Product at TCG Process. Read Neil’s latest opinion piece to learn 6 key principles that will help your organization ensure AI works for your IDP processes, and not against them.
🎥Upcoming Webinars:
February 4, 2025, 11 am CST: Exploring the advent of Synthetic Labor: A Fireside Chat
What is Synthetic Labor? And how is it transforming business workflows into scalable, cost-effective solutions? Join Russ Malz, Chief Revenue Officer at IDP vendor KnowledgeLake, and Alan Pelz-Sharpe, Founder of Deep Analysis, to find out.
February 17, 2025, 9 am EST: The Agentic Revolution: How AI Agents Are Transforming Document Processing in 2025
Register for this webinar and join Tomas Gogar, CEO at Rossum and Vojtech Paukner, Product Manager at Rossum, as they show you how AI agents let you automate all stages and aspects of paperwork—even the most complex tasks that require the knowledge of business context and complex human-level reasoning. Furthermore, this webinar will feature industry experts Dan Lucarini, Senior Analyst at Deep Analysis, and Kirill Sadovnikov, Senior Consultant at KPMG Netherlands.
February 26, 2025, 1 pm EST: Simplifying underwriting with a “docs + digital” approach
Join this live session as David Snitkof, SVP of Growth at Ocrolus and Erik Jilno, Product Manager at Flinks, discuss how AI-driven document automation can help lenders create a single workflow for combining data from digital aggregation with scanned or mobile-uploaded documents.
📆Upcoming Events (in-person):
March 31 – April 2, 2025: AI+IM Global Summit 2025 in Atlanta, US
Join AIIM (The Association for Intelligent Information Management) at the AI+IM Global Summit 2025 – the premier event for professionals looking to transform their approach to information management. 2.5 days of insightful keynotes, real-world use cases, and hands-on workshops such as “Data and Information Management: Pillars of AI Strategy Execution”, led by renowned experts Priya Sarathy, Ph.D, CDMP and Colin Coleman.
April 2 – April 3, 2025: Crawford Technologies 2025 Industry Summit in Chicago, US
This event hosted by Crawford Technologies will bring together end users, analysts, consultants and industry experts in customer communications and accessibility from healthcare, insurance, finance and more to share best practices, trends and actionable takeaways designed to drive innovation and efficiency in customer communications.
📌Find more upcoming events and webinars in the Intelligent Document Processing space here.
Thank you for reading and see you next week!
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