ABBYY completes acquisition of TimeLinePI
ABBYY, a provider of Digital IQ technologies and solutions, has completed the acquisition of TimelinePI, a Philadelphia, Pennsylvania-based developer of a comprehensive process intelligence platform designed to empower users to understand, monitor, and optimize any business process.
The acquisition of TimelinePI represents a significant milestone in establishing ABBYY’s leadership role in the digital transformation market as well as a global player in the emerging process mining market, which Gartner estimates will triple by 2023.
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 Digital IQ for the enterprise.
ABBYY’s Digital IQ solutions are designed to optimize these operations by removing friction from business processes through automated understanding of structured and unstructured content (such as IDs, paystubs, tax forms, etc.).
This insight is key to greatly increasing the speed and accuracy of executing these processes while also reducing costs. With the addition of the TimelinePI technology, organizations can now more deeply analyze these processes to identify opportunities for improvements, compliance issues, and assess the performance of human and digital workers within processes.
ABBYY will continue to market and enhance the TimelinePI platform and offer it to its thousands of customers globally, including healthcare providers, banks, insurance companies, government agencies and others. Its solutions will be offered both separately and as part of new solution bundles as an extension of ABBYY’s current and future AI-enabling products.
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.
ABBYY will also extend TimelinePI’s research and development capabilities through a combination of increased investment and by providing access to ABBYY’s extensive resources in artificial intelligence and machine learning.
For more information about this acquisition, visit www.abbyy.com.