Irvine-based software developer Ephesoft Inc. has signed an agreement with Automation Anywhere to help companies delegate more back-office functions to machines.
San Jose’s Automation Anywhere specializes in robotic process automation, or RPA, which lets software handle routine business practices automatically.
Ephesoft founder and CEO Ike Kavas said the key to the agreement is the inability of the new digital workforce—often referred to as “bots”—to read actual documents, so they can’t complete tasks without having the data contained in them.
“We help decipher those documents,” Kavas told the Business Journal. “We recognize the type of content it is, classify it, extract the data and export it into any system or repository, such as Automation Anywhere’s RPA tool.”
He added: “We’re the interface between the bots and the documents, so that they can accelerate financial systems and the back-office functions, such as invoicing, contracts, insurance claims, mortgage documents and other processes involving high-volume, high-value documents.”
4th Such Deal
The strategic alliance signed with Automation Anywhere last month is the company’s fourth tech partnership with a robotics process company to help customers integrate their data into the RPA tools of their choice.
The majority of business processes include documents, and increasingly popular digital workforces can use Ephesoft’s patented “Smart Capture” data extraction and classification to expedite companies’ internal functions.
Kavas told the Business Journal other types of content that can be handled include medical records, bank statements, financial statements, personnel files, mail, transcripts, and the originals can be physical or electronic documents, PDFs, email or faxes.
The space is not new.
Kavas said his competitors include include Kofax, also of Irvine, and IBM while Google and Amazon Web Services have “released some developer tools so I am assuming more new, small companies will emerge in the coming years.”
Kavas founded privately held Ephesoft in 2010 and it now has more than 160 employees, with offices in Irvine, Sydney, Singapore, London, Frankfurt, New Delhi, and Boise, Idaho. It has customers in more than 50 countries.
He declined to provide revenue, but said the company passed the $20 million mark a few years ago and growth has been 30% to 40% annually.
“Ephesoft’s current product and planned roadmap will bring new and innovative capabilities to customers, alleviating users from mundane, repetitive tasks and enabling them to focus on more strategic initiatives,” Griffin Pickard, director, technology alliance program, at Automation Anywhere said in announcing the collaboration.