Kofax Embraces AI and ML as Intelligent Automation Platform Evolves

Intelligent Automation software provider Kofax is the latest company to leverage artificial intelligence and machine learning to enhance the capabilities of its solutions. The company announced this week that it is using AI and ML – along with natural language processing (NLP) – to add sentiment analysis and entity extraction to its intelligent automation offering. This improvement will make it easier for customers using Kofax’s technology to better understand and derive value from unstructured content.

“With new AI capabilities to process structured and unstructured data as well as understand intent and sentiment, Kofax is unrivalled in our ability to help enterprises glean greater insights from any type of content, react quicker to customer needs, and deliver a significantly better experience,” Kofax Chief Strategy Officer Chris Huff said.

Sentiment analysis enables organizations to discern the intent and emotion in the unstructured language of emails, legal documents, social media, and customer support queries. Entity extraction adds the ability to locate key elements in unstructured data and classify it into pre-defined categories. Kofax referred to it as the ability to easily locate “people, places, and things” from unstructured data.

The solution will enable organizations to manage the challenge of processing sizable amounts of unstructured and semi-structured data, alleviating the need for manual review of documents. With the ability to extract data in real-time, companies will see increases in productivity and efficiency while benefiting from deeper insights into customer behavior and preferences.

“Our investment in AI technologies to complement rules-based automation is paying off for our 25,000+ customers who’ve come to rely on our experience, dependability, and reliability for achieving true digital transformation at scale,” Huff added.

Founded in 1991 and acquired by Lexmark in 2015, Kofax launched its intelligent automation software platform and marketplace earlier this year. The technology automates end-to-end business operations at scale, and enables companies that have made a commitment to digital technology to further increase efficiency and productivity via automation.

“Kofax’s Intelligent Automation platform has driven excitement, and more energy around further adoption and expansion of the program,” Mitsubishi UFJ Financial Group’s Yoshiaki Nishita said. “In addition, our employee mindset is changing as well. They’re no longer concerned automation will replace them. They see it as an extension of themselves. Ultimately it’s become a fundamental shift in their thinking.”

Kofax demonstrated the KYC Automation with RPA extension of its TotalAgility platform at FinovateSpring 2016. The technology uses existing API infrastructure – or its own Synthetic API capability if necessary – to help organizations meet KYC requirements and fight financial fraud.

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Kofax Agrees to Acquire Top Image Systems

Intelligent automation software platform Kofax announced today that it has agreed to acquire intelligent content processing solution provider – and fellow Finovate alum – Top Image Systems (TIS)

The deal, financed entirely with cash on Kofax’s balance sheet, will give TIS shareholders $0.86 per share in cash, representing a 65% markup on Top Image Systems’ volume weighted average price over the past 30 trading days.

Final closing of the transaction is subject to a vote by TIS shareholders – expected early this year – as well as required regulatory approvals.

“We are pleased to announce this transaction with Kofax,” Top Image Systems CEO Brendan F. Reidy said. “The transaction will allow Top Image Systems to continue to provide its innovative content processing and remittance solutions to our customers while benefitting from the substantial resources of Kofax and Thoma Bravo.”

“TIS customers will enjoy single-vendor access to Kofax’s Intelligent Automation solutions that deliver increased efficiency, enabling the human and digital workforces of tomorrow,” Kofax CEO Reynolds C. Bish said. “Leveraging TIS’ SaaS expertise will assist us as we further advance the secure cloud capabilities of our end-to-end Intelligent Automation platform.”

Kofax demonstrated its KYC Automation with RPA solution at FinovateSpring 2016. Founded in 1985 and headquartered in Irvine, California, the company spent $400 million in cash to purchase the imaging division of Nuance back in November. Kofax earned a spot on the Constellation ShortList for Robotic Process Automation last August and in July, the company entered a sales agreement with JIEC to provide RPA and digital transformation solutions.

Kofax was acquired by Lexmark in 2015 in a billion dollar deal. The company was bought by private equity firm, Thoma Bravo, two years later.

Headquartered in Tel Aviv, Israel, Top Image Systems was founded in 1991. The company demonstrated its eFLOW Intelligent Capture solution at FinovateAsia 2018. Back in October, the company announced that Allied Bakeries would use its eFLOW AP for SAP for centralized, automated invoice processing. Earlier in the year, Top Image Systems partnered with a leading Japanese personal care company to provide the firm with its eFLOW Extract accounts payable solution.

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