ABBYY FY19 revenue growth driven by RPA partnerships, expanded product portfolio, and strengthened global presence
MILPITAS, Calif., March 24, 2020 – ABBYY®, a Digital Intelligence company, today announced its 2019 results, including continued double-digit year-over-year revenue growth and notable growth specific to revenue from RPA integrations and strategic partnerships. Additional drivers of success included an enhanced product portfolio following the acquisition of TimelinePI, now ABBYY Timeline, the only end-to-end Process Intelligence platform.
ABBYY saw strong revenue growth in regard to its solutions within the Robotic Process Automation (RPA) market in FY19. Total annual company revenue derived from RPA partnerships, integrations and vendor licensing was up 210 percent. ABBYY currently has over 50 RPA delivery partners, with customer adoption rising for several partnerships. RPA partnerships include UiPath, Blue Prism, NICE and other leading RPA vendors but also key RPA solution delivery partners such as Robiquity and Sprint Reply.
ABBYY strengthened its Digital Intelligence portfolio with the acquisition of TimelinePI in August 2019. With the new offering, ABBYY’s suite of products enable customers to leverage both Process Intelligence and Content Intelligence to obtain an accurate and complete understanding of how their business processes operate and the content that fuels them. Additional product innovations that contributed to overall company success included enhancements to FlexiCapture, FineReader Server, and new Mobile Capture solutions.
ABBYY continued to see strong demand for its Digital Intelligence solutions in FY19, with customers including one of the world’s largest pharmaceutical companies, smart infrastructure solutions company Costain, a global medical supply manufacturer and distributor Medline, and other leading enterprises across industries. ABBYY also strengthened strategic partnerships and integrations with the leading global consulting firms. Currently, a third of Fortune 500 companies utilize one or more ABBYY solutions.
ABBYY also expanded its global presence in FY19 with the opening of an office in Hong Kong to enhance its relationships with enterprise customers and partners in the region. ABBYY is present in most countries in the APAC market with long-established offices in Japan, a strong network of partners, and several successful large-scale implementations in the region for enterprises in banking, telecom, insurance, and other verticals.
“Our highest commitment is to provide our customers with Digital Intelligence solutions that transform business processes and accelerate digital transformation,” commented Ulf Persson, CEO of ABBYY. “We are proud of the growing number of industry-leading enterprises that put their trust in our solutions. We look forward to the opportunity to continue to provide innovations that positively impact business outcomes and deliver meaningful results for our customers.”
Added Persson, “We are all adjusting to a new normal as businesses and people worldwide take extreme measures to control the spread of COVID-19. At the same time, we understand the importance of helping customers maintain business continuity and productivity. Rest assured that ABBYY’s tech support, account managers, and everyone in between is available to provide the same level of support as always. Additionally, it is more important than ever that businesses have what it takes to make timely, intelligent decisions. Our team is committed to making sure organizations are equipped with the technologies they need to deliver outcomes and help customers.”
Persson’s full statement can be found at Official Communication about COVID-19.