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:
ScaleHub appoints Mike Riegel as new CEO to scale the company for further growth ScaleHub, the managed crowdsourcing service for automated document processing, has announced the appointment of Mike Riegel as its new Chief Executive Officer (CEO). Riegel takes over from Olaf Malchow, ScaleHub’s Co-Founder, who will continue to serve the company as a member of the Advisory Board. Malchow said: “I have carried out the role of CEO with joy and dedication over the past seven years. Together, we have transformed a small startup into a globally operating medium-sized company. Now, it is time to pass the baton.” Mike Riegel brings extensive expertise in managed services and more than 25 years of experience in leadership positions at tech giants IBM and Cisco, as well as in several startups. Most recently, he was the CEO of Scout APM. ScaleHub’s new CEO plans to focus the company’s efforts on further accelerating its growth and partner network across the European Union, the United States, Australia, and the Middle East. He commented: “ScaleHub has brilliant technology and a fantastic team of experienced experts. I am thrilled to join their diverse, international team to further build on the growth and success of recent years.”
Deep Analysis publishes its 2024 Intelligent Document Processing Market Report Analyst firm Deep Analysis has published its 2024 Intelligent Document Processing (IDP) Market Report. In it, the analyst firm covers the composition of the IDP market, forecasts its size and growth, lists the factors contributing to its historical and future growth, and dedicates a section to the disruptive impact of generative AI on IDP. In addition, Deep Analysis has included both its 2024 Ones to Watch list and its 2023 IDP Innovator Awards (with the Innovator of the Year, Rising Star Award, Rookie of the Year, Market Focus Award and Startup of the Year) in the report. Dan Lucarini, IDP Lead Analyst at Deep Analysis, explained: “Deep Analysis researched over 350 companies for this report and we offer advice for companies looking to buy IDP software. The report includes summaries of the software companies we find particularly innovative at solving real business problems. With generative AI for IDP at the very early stage, the market has yet to see a revenue boost from this transformative technology. If generative AI can fulfill its potential to put IDP onto every computer and smartphone, the use cases will expand exponentially and we think the market could grow to over $20 billion by 2033.”
Metamaze is acquired by SaaS provider of AI-powered data automation Duco IDP vendor Metamaze has announced that the company has been acquired by SaaS provider of AI-powered data automation Duco. 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.” Michael Chin, Duco’s CEO, further explained: “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.” Financial terms of the deal were not disclosed.
Datamatics reports its Q3FY24 financial results IDP provider Datamatics has declared Q3FY24 financial results with 9 months FY24 Revenue up 9.0% Year-over-Year. One of the operational highlights for Datamatics was the launch of the TruCap+ Marketplace for its TruCap+ Intelligent Document Processing customers, speeding up the time-to-automation for IDP. Rahul Kanodia, Vice Chairman and CEO of Datamatics, commented: “During the traditionally soft quarter for Datamatics, our Q3 revenues decreased by 0.9% compared to the same period last year. This was mainly due to the slow decision-making of large deals in Western markets. Nevertheless, we continue to add new customers at a steady rate. We are happy to be in Forbes Asia 200 Best Under A Billion Companies prestigious list.”
TCG Process and DecisionRules partner to enhance agility in IDP IDP provider TCG Process has announced a partnership with no-code/low-code platform DecisionRules. The partnership brings additional agility and dynamic business decision management to DocProStar, TCG Process’ flagship product that includes IDP, and best-in-class process automation for document-centric workflows to DecisionRules. DocProStar efficiently extracts data from incoming documents and media files, while DecisionRules applies pre-defined rules to route the information through the processing pipeline. Arnold von Bueren, CEO of TCG Process, explained: “Having a partnership with a solution provider like DecisionRules increases the versatility of DocProStar. Any business process has key decision points that need to be made, and DecisionRules makes configuring and maintaining the business rules under those decisions very easy for the end user.”
KnowledgeLake introduces Lake Aurora with a set of new features IDP provider KnowledgeLake has introduced Lake Aurora, the latest release of its intuitive AI-powered enterprise automation platform. With Lake Aurora, KnowledgeLake introduces a number of new features, including its key feature called “Intuitive AI”. According to the IDP vendor, this eliminates the need for pre-defined rules and configurations and enables organizations to automatically classify and extract data from documents without training. In addition, new features include enhancements such as platform extensibility (making it easier to integrate with existing systems and workflows), the addition of tables and panels to Instant Pro-Forms (allowing for better data collection), and report customization (to fit the data analysis needs of any organization). Ron Cameron, Founder and CEO of KnowledgeLake, said: “Today marks an important milestone in our journey at KnowledgeLake. With the Lake Aurora release the KnowledgeLake Platform is now a complete solution for business automation. Our customers and partners can now enjoy the benefits of an intuitive, 100% cloud-based platform to quickly deliver maximum business impact. Our fully integrated no-code platform now infused with Intuitive AI is designed to drive more operational agility for our customers. Simply put, KnowledgeLake keeps getting faster, easier to use, and smarter as we extend the reach and possibilities for digital labor.”
OpenText announces update for OpenText Intelligent Capture IDP provider OpenText has announced an update to OpenText Intelligent Capture, one of the components of its IDP solution. OpenText Intelligent Capture CE 24.1 enables users to receive and process documents from mobile devices such as Apple iOS and Android phones and tablets, including the automatic extraction of data from HEIF, HEIC, and 64-bit PNG images that are often received in emails and as documents.
15 February, 2024: InsurTech Revolution – Unleashing AI’s Power in Insurance Operations Register for this webinar hosted by IDP provider Nividous, in which Alan Hester, Nividous’ President, discusses how AI is reshaping the fundamentals of the insurance industry and providing innovative solutions to address rising costs, changing customer expectations, managing legacy data and the drive for greater efficiency.
📆Upcoming Events (mostly on-site):
13 – 14 February, 2024: AI Summit West in Santa Clara, US This event will focus on advances in Machine Learning, Deep Learning and the latest real-world applications of AI.
27 – 28 February, 2024: The Autonomous Enterprise Virtual Summit, online This event will focus on how generative AI can be used to accelerate the transition from automation to the autonomous enterprise.
📌Find more upcoming events here.
See you next week!
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