MILPITAS, Calif.--(BUSINESS WIRE)--ABBYY, a global leader in Content IQ technologies and solutions, today announced it has signed an agreement to acquire Philadelphia, Pennsylvania-based TimelinePI. TimelinePI provides a comprehensive process intelligence platform designed to empower users to understand, monitor and optimize any business process.
The global process analytics market size is expected to grow to USD 1,421.7 million by 2023 according to Research and Markets. The acquisition of TimelinePI is a strategic investment by ABBYY into the emerging process intelligence market which is critical to truly understanding the impact and effectiveness of business processes and opportunities for productivity gains from digital transformation investments. TimelinePI’s vision of combining the most versatile process mining and operational monitoring with cutting-edge, process-centric AI and machine learning will serve as a critical cornerstone to ABBYY’s Digital IQ strategy.
“Organizations are focused on digital intelligence to impact process, patient, business and customer outcomes. Process intelligence is required to truly understand the operational effectiveness of business processes and how well they support a business strategy,” commented Ulf Persson, CEO at ABBYY. “With TimelinePI, ABBYY will have the most comprehensive process intelligence platform for empowering companies to go beyond traditional text analytics and process mining to achieve true digital intelligence. With ABBYY’s advanced content analysis and natural language processing, the TimelinePI technology will achieve operational insights not available with traditional process mining tools.”
TimelinePI’s platform enables anyone to visualize, quantify and understand how processes behave by providing detailed insights into true performance, bottlenecks and risks. Its patent-pending Timeline Analysis approach is unique in its ability to handle the full range of business process types – from highly structured to ad hoc. This new approach to process intelligence allows healthcare providers, banks, insurance companies, government agencies and other customers to take control of their data and raise their Process IQ to achieve operational efficiency that improves the customer journey.
“Critical factors driving the success or failure of digital transformation projects include having a detailed understanding of an organization’s business processes,” said Scott Opitz, president and CEO of TimelinePI. “By gaining ABBYY’s deep understanding of content we are able to open a treasure trove of data to strengthen our offering and give companies the edge they need to operate more efficiently. We are excited to be joining ABBYY, combining our process mining, monitoring and predictive analytics capabilities with ABBYY’s rich Content IQ portfolio to enable our customers to achieve true process intelligence.”
The transaction is expected to close by end of second quarter 2019. After the transaction closes, ABBYY will continue to market and enhance the TimelinePI platform and offering to customers both separately and as part of new solution bundles as an extension of ABBYY’s current and future products.
ABBYY is a global leader in Content IQ technologies and solutions. ABBYY offers a complete range of AI-based technologies and solutions transforming business documents and content into business value. By providing digital transformation solutions to financial services, insurance, transportation, healthcare, and other industries, the company helps organizations achieve the next wave of growth by understanding customers and delivering responsive real-time intelligent systems. The flexibility of ABBYY AI solutions enables customers to utilize a diverse range of advanced technologies, platforms and solutions for classification, text analytics, data and entity extraction, and data validation via any communication channel and in any format. ABBYY technologies are used and licensed by some of the largest international enterprises and government organizations, as well as SMBs and individuals. The company maintains offices in Australia, Cyprus, France, Germany, Japan, Russia, Spain, Taiwan, the UK, Ukraine, and the United States. For more information, please visit www.abbyy.com/company.
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