ABBYY Announces Its Agreement to Acquire TimelinePI to Deliver Digital Intelligence for Enterprise Processes

Acquisition Expands ABBYY’s Digital IQ Capabilities by Combining
Content and Process IQ

MILPITAS, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/AI?src=hash” target=”_blank”gt;#AIlt;/agt;–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.

About ABBYY

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.

ABBYY and the ABBYY Logo are either registered trademarks or
trademarks of ABBYY Software Ltd. Other product names mentioned herein
may be trademarks and/or registered trademarks of their respective
owners and are hereby recognized.

Contacts

Media Contact:
Gina Ray, APR
949-370-0941
gina@raypr.com

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