ABBYY adds investment from Marlin Equity Partners to accelerate growth
ABBYY, a digital intelligence company, has completed an investment by Marlin Equity Partners, a global technology-focused investment firm. Marlin will become ABBYY’s largest shareholder and be a strategic growth partner for the company’s continued market expansion.
“Marlin sees tremendous value in the success we’ve had with our global go-to-market strategy and ability to provide our customers and partners the best Digital Intelligence solutions that help them reimagine how work is done. It is the perfect time to bring on a strong, growth-oriented partner among our shareholders,” commented Ulf Persson, CEO at ABBYY. “With Marlin’s proven track record of collaborating with partner companies to accelerate growth, we are excited to embark on a path to capitalize on the huge market opportunity we have in the intelligent process automation market.”
With the announcement, ABBYY cited IDC's forecast that the worldwide intelligent process automation (IPA) market will reach $30.5 billion in 2024, including the use of automation planning tools that provide the data and statistical analysis to deliver automation faster and more effectively, and the use of AI to automate activities that would formerly be automated manually.
ABBYY noted that its Digital Intelligence platform is key to delivering these capabilities with its intelligent document processing (IDP) and process intelligence solutions which allow customers to identify intelligent automation opportunities, understand the processes, content, and manual tasks that drive them, while extending RPA and other automation platforms with AI-based automated document processing.
“The decision to partner with ABBYY was based on our extensive market research highlighting ABBYY’s solution strength reflected in its superior technology, scale and customer satisfaction. We saw meaningful potential for continued acceleration in growth across ABBYY’s solutions addressing process automation for enterprises globally,” commented Alex Beregovsky, managing director at Marlin Equity Partners.
Upon completion of necessary approvals, Alex Beregovsky will join ABBYY's board of directors. Beregovsky is a managing director and member of the flagship fund Investment Committee at Marlin.
For more information, visit www.marlinequity.com and ?www.abbyy.com/company.