Parascript Celebrates Its 20th Anniversary

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Wednesday, May 18, 2016 – Longmont, Colorado – Parascript, a software innovator in advanced data location, extraction and classification, this year celebrates its 20th anniversary. In 1996, the Parascript team set out with a vision to leverage its experience and knowhow in artificial intelligence, pattern recognition, machine learning and image analysis to bring the most robust document analysis and recognition technology to the marketplace.

Over the past 20 years, Parascript turned this vision into a reality and pioneered automated data extraction solutions that have ensured Business Process Outsourcers (BPOs), service providers, Value-Added Resellers (VARs), system integrators, as well as postal and financial organizations save billions of dollars in data entry expenses every year.

“This 20-year anniversary marks a big milestone for Parascript as we celebrate our innovations and the talent of our team,” said Alexander Filatov, Chief Executive Officer at Parascript. “We have award-winning mathematicians and computer scientists—many with PhDs—who have the rare capability to bring artificial intelligence technologies to market.”

Parascript and its partners serve clients in markets around the globe. Parascript is a software-plus-services company headquartered in the United States with an office in Paris, and partners that span every region of the world. Our software analyzes over 100 billion documents annually and extracts critical information for financial services, government agencies and the healthcare industry.

The team who founded Parascript has introduced many industry-first products throughout the years. In 1989, venture capitalists from Boulder and a team of Russian scientists formed ParaGraph that built software leveraging AI, pattern recognition and machine learning to automatically recognize handwriting and translate it into machine readable format. In 1993, Apple leveraged this software for the Newton series of personal digital assistants, and later on, Microsoft used ParaGraph technology in its tablet operating systems. ParaGraph scientists then piqued the market’s interest once again with unique multimedia and 3D/virtual reality technology, which was bought by Silicon Graphics.

In 1996, the team launched Parascript with focus on document analysis and classification, recognition and data extraction. Since then, Parascript has leveraged its image processing for everything from check fraud prevention to medical imaging to better identify suspicious areas for breast cancer on mammograms. Jump ahead to 2015, when Parascript software solutions was selected by KMWorld as one of the top Trend-Setting Products of the Year, and in 2016, Parascript was named in the 100 Companies that Matter in Knowledge Management.

Parascript continues to innovate and just recently launched a comprehensive, premier solution for select BPOs to reduce document processing costs and improve operating margins. By providing the world’s leading image analysis and recognition platform as part of our unique end-to-end partnership, Parascript helps BPOs maintain and grow profitability while remaining competitive. Find out more about this unique solution here: http://www.parascript.com/business-process-outsourcing/

“We’ve been at this 20 years and counting, and it’s really our partners and loyal customers who have made our continued growth and innovations possible,” said Mark Gallagher, the Vice President of Sales at Parascript. “We are looking forward to commemorating this anniversary with a variety of events and promotions throughout the year.”

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