Abbyy, a Moscow-headquartered global provider of content intelligence solutions and services, has acquired US process intelligence solution provider TimelinePI.
This acquisition is a “strategic investment” for Abbyy, which expects to “have the most comprehensive process intelligence platform [going] beyond traditional text analytics and process mining [and achieving] true digital intelligence and Digital IQ,” commented Ulf Persson, CEO at Abbyy.
“With ABBYY’s advanced content analysis and natural language processing, the TimelinePI technology will achieve operational insights not available with traditional process mining tools,” he added.
Abbyy will “continue to market and enhance the TimelinePI platform,” which will be offered to customers “both separately and as part of new solution bundles as an extension of ABBYY’s current and future products.”
“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,” said Scott Opitz, president and CEO of TimelinePI.
The amount of the acquisition was not disclosed, but Alexey Solovyev, Managing Partner at Russian fund iTech Capital, estimated TimelinePI’s value at some $20 million, as reported by Vedomosti.
The global process analytics market is expected to grow to $1.42 billion by 2023, according to data from Research and Markets cited by Abbyy.
