Thursday 8th August, 2019
ABBYY has announced it has completed the acquisition of US based TimelinePI a developer of a comprehensive process intelligence platform designed to establish ABBYY’s role in the digital transformation and mining market.
The combination of ABBYY’s deep understanding of enterprise content in all its forms with the critical process context provided by the TimelinePI technology allows customers to achieve a level of digital intelligence previously unavailable. This is called Digital IQ for the enterprise.
An example of this is where, financial services institutions are challenged with onboarding new customers for products including mortgages, consumer credit offerings, traditional banking services and investment products. Each of these services follow different business processes and require specific supporting documentation needed to verify employment, assets, income and identity. Any delay or error in these onboarding processes could significantly impede transactions.
ABBYY’s Digital IQ solutions are designed to optimise these operations by removing friction from business processes through automated understanding of structured and unstructured content (such as IDs, paystubs, tax forms, etc.). With the addition of the TimelinePI technology, organisations can now more deeply analyse these processes to identify opportunities for improvements, compliance issues, and assess the performance of human and digital workers within processes.
“The response to us joining the ABBYY organisation has been extremely well received by TimelinePI’s and ABBYY’s customers and partners,” said Scott Opitz, president and CEO of TimelinePI. “The combination of our leading-edge process intelligence technology with ABBYY’s extensive content intelligence and AI/ML resources will allow us to further extend our lead far beyond traditional process mining products, and cements our position as a must-have for digital transformation projects.”
TimelinePI co-founders Scott Opitz and Alex Elkin will join ABBYY’s management team and will continue to drive ABBYY’s process intelligence vision and business growth. The terms of the transaction are not being disclosed.