At a Glance
Abbyy, document conversion and data capture software provider, announced a significant investment by Marlin Equity Partners, a California-based investment firm. Abby is also one of the players in the IPA (Intelligent Process Automation) market.
This investment by Marlin makes it one of the largest shareholders in Abbyy, and this could also aid in the growth in the expansion of the IPA market.
Ulf Persson, CEO at Abbyy, said that with this funding and relationship, Abbyy would make further transactions, including strategic add-on acquisitions.
With Marlin, we get a committed growth partner who will ask hard questions and push us as we push ourselves towards customer excellence, innovation, and growth.Ulf Persson, CEO at Abbyy,
This support will aid Abbyy’s attempts to become a leading vendor in the digital intelligence sector. This market is derived from several well-established areas, such as intelligent document analysis, method discovery, and process intelligence. Customers should be able to use digital intelligence to find automation opportunities, quickly execute them, and monitor the outcomes of their efforts.
This Marlin collaboration marks a turning point in Abbyy’s transformation from a document-focused, product-centric provider to a big player in the IPA tool industry.
According to Persson, the IPA space is evolving, and it now includes a variety of segments and suppliers that are both partnering and vying for various components. As a result, “the distinctions between these segments are blurring and will continue to be blurred.”
Abbyy’s mission is to provide digital intelligence that is network and vendor agnostic, which is why it is collaborating with various companies.
We believe this is of tremendous value to the customers who may have two to three or more different platforms that either overlap or serve different needs in their automation strategy.Ulf Persson, CEO at Abbyy,