ABBYY achieves double-digit annual revenue growth for 3rd consecutive year
ABBYY’s FY19 revenue growth was driven by RPA partnerships, an expanded product portfolio, and a strengthened global presence
ABBYY®, a Digital Intelligence company, today announced its 2019 financial results, which showcase continued double-digit year-over-year revenue growth, notably in 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%. ABBYY currently has over 50 RPA delivery partners, with customer adoption rising for several partnerships. ABBYY is partnered with leading RPA vendors including UiPath, Blue Prism, and NICE, as well as key RPA solution delivery partners such as Robiquity and Sprint Reply.
ABBYY strengthened its already comprehensive 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, global medical supply manufacturer and distributor Medline, smart infrastructure solutions company Costain, 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 utilise one or more ABBYY solutions.
“This year was also notable for strengthening strategic partnerships and integrations with several leading global consulting firms,” adds Neil Murphy, Global Vice President. “These partnerships with some of the world’s most prominent consulting firms mean our Digital Intelligence solutions are reaching more businesses than ever before, and are at the forefront of making digital transformation a success. With our RPA partnerships also expanding rapidly, this success is set to continue as the digital transformation market grows.”
“Our biggest 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 organisations 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.
ABBYY also continued to strengthen 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, telecoms, insurance, and other verticals.
ABBYY is a Digital Intelligence company. We provide a Digital Intelligence platform that delivers a complete understanding of business processes and raises organisations’ Digital IQ. Our technologies are used by Fortune 500 companies in finance, insurance, transportation, healthcare and other industries, helping them make intelligent business decisions. ABBYY is a global company with offices in 13 countries. For more information, please visit www.abbyy.com/company.
ABBYY and the ABBYY Logo are either registered trademarks or trademarks of ABBYY Software Ltd. Other product names mentioned herein may be trademarks and/or registered trademarks of their respective owners and are hereby recognized.
ABBYY Editorial Contact:
Gemma Sowerby/Catriona MacLeod
LEWIS for ABBYY UK