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ABBYY

From Wikipedia - Reading time: 7 min

ABBYY
Company typePrivate
Founded1989
FounderDavid Yang[1]
Headquarters
Austin, Texas
,
United States
Area served
Worldwide
Number of employees
500 (2023) Edit this on Wikidata
Websiteabbyy.com

ABBYY is an American technology company specializing in AI-powered document processing and automation,[2][3] data capture, process mining and optical character recognition (OCR).[4][5][6] It was founded in USSR and operated in Russia 9 years before relocating to the United States. Primarily focused on software as a service model, the company serves clients worldwide.[7] One of ABBYY's best-known products is ABBYY FineReader, an optical character recognition (OCR) computer program.[8]

History

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ABBYY began in 1989, when David Yang founded BIT Software company in Moscow.[9] In the early 1990s, the company introduced optical character recognition (OCR) and since then kept investing in artificial intelligence (AI), natural language processing (NLP) and machine learning (ML).[10] In July 1993, the company released the first version of its ABBYY FineReader text-recognition software.[11]

ABBYY works with AI, analytics, and RPA vendors UiPath, Blue Prism, Alteryx, PwC India, and others.[4][12] In 2019, ABBYY acquired TimelinePI, a process mining company, and Marlin Equity Partners became its biggest shareholder in 2021.[13][14]

Upon the full-scale invasion of Ukraine by Russia, that began in 2022, ABBYY immediately began closing its operations in Russia — stopped all sales, development, and provision of services in Russia and Belarus.[15] As of October 2024 ABBYY’s former Russian legal entities are liquidated.[16]

Offices & management

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The company was headquartered in Milpitas, California, with regional offices in 15 countries.[17] As of May 2023, ABBYY Group had about 500 employees across 13 countries.[18] In August 2024, ABBYY opened a new R&D centre and a Centre of Excellence in India.[19] In September 2024 ABBYY dismissed part of its personnel, including some software developers. The company commented on the layoffs, stating that it had embarked on a path of transformation. In October 2024, the company announced the relocation of its headquarters to Austin, Texas.[20] The Mipitas, California office will remain open and focus on sales, marketing and operations.[21]

ABBYY's CEO is Ulf Persson.[22]

Company products

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  • ABBYY FineReader, an application for documents and PDF files, based on ABBYY OCR technology.[8]
  • ABBYY Vantage, a platform for intelligent document processing (recognition, classification, and data retrieval) of documents.[23][24][25]
  • ABBYY FlexiCapture, a platform for intelligent document processing of information from documents. In 2019, natural language processing technologies were added to the solution.[26]
  • ABBYY Timeline, a platform for business process analysis and task mining.[27]

Additional products include NeoML, a cross-platform open-source machine learning library.[28]

Notes

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  1. ^ "9 Tips To Manage Remote Teams - HR.com".
  2. ^ "ABBYY, Kofax, WorkFusion, and Automation Anywhere are on the Top of Everest Group's PEAK Matrix® for IDP 2022". RPA Master. October 5, 2022. Retrieved April 27, 2023.
  3. ^ "AI Giant ABBYY Makes a Power Move: Global Headquarters Shift and Leadership Shakeup". IntentTech. Retrieved October 15, 2024.
  4. ^ a b "Abbyy releases Vantage 2 and a new skills marketplace". SearchEnterpriseAI. Retrieved January 4, 2022.
  5. ^ "Marlin bets big on Abbyy's digital intelligence initiatives". VentureBeat. May 15, 2021. Retrieved January 4, 2022.
  6. ^ "How to inject Intelligent Document Processing into SAP RPA | IDM Magazine". idm.net.au. Retrieved January 4, 2022.
  7. ^ "ABBYY USA Software House Inc - Company Profile and News". Bloomberg Markets. Retrieved May 17, 2023.
  8. ^ a b Adrian Try (July 19, 2022). "ABBYY FineReader PDF Review: Is It Worth It in 2023?". Softwarehow. Retrieved May 17, 2023.
  9. ^ Blinnikova, Natalia (July 4, 2018). "ABBYY Founder David Yang on AI, Building a Business and the Meaning of Life". news.itmo.ru (in Russian). Retrieved August 27, 2023.
  10. ^ "History of Intelligent Automation and ABBYY Innovations (Infographic)" (PDF). ABBYY. 2023. Retrieved October 1, 2023.
  11. ^ "Вектор модернизации: обзор обновленного ABBYY FineReader 12". 3DNews - Daily Digital Digest (in Russian). Retrieved August 27, 2023.
  12. ^ "PwC and ABBYY to deliver digital intelligence solutions in India". www.consultancy.in. October 9, 2019. Retrieved January 12, 2022.
  13. ^ "Marlin bets big on Abbyy's digital intelligence initiatives". VentureBeat. May 15, 2021. Retrieved January 20, 2022.
  14. ^ "Marlin completes growth equity investment in ABBYY". Marlin Equity. May 19, 2021. Retrieved May 17, 2023.
  15. ^ "ABBYY is a US-based, privately-owned software company". ABBYY. Retrieved October 2, 2023.
  16. ^ "ABBYY has completely withdrawn from the Russian market". Retrieved October 15, 2024.
  17. ^ "ABBYY Corporate Headquarters, Office Locations and Addresses". Craft.co. Retrieved May 17, 2023.
  18. ^ "Tech company with big Ai ambitions plants HQ in Austin".
  19. ^ "New India offices". technologymagazine.com. October 1, 2024. Retrieved October 15, 2024.
  20. ^ Timothy Malcolm (October 12, 2024). "Top AI-focused tech company moving HQ from California to Texas". Chron. Retrieved October 14, 2024.
  21. ^ Jeff Bell (October 13, 2024). "Tech company ABBYY to relocate headquarters to Austin, Texas". kvue.com. Retrieved October 14, 2024.
  22. ^ "Ulf Persson, Abbyy USA Software House Inc: Profile and Biography". Bloomberg Markets. Retrieved May 17, 2023.
  23. ^ "Abbyy открыла сервис автоматической обработки документов для тех, кто не умеет программировать". CNews.ru (in Russian). Retrieved January 26, 2022.
  24. ^ "ABBYY's new no-code AI technology could be a gamechanger". healthcare-digital.com. March 28, 2021. Retrieved March 11, 2023.
  25. ^ "Abbyy releases Vantage 2 and a new skills marketplace". TechTarget. Retrieved May 8, 2023.
  26. ^ "Abbyy looks to RPA to breathe new life into scanning and workflow". TechCrunch. November 8, 2018. Retrieved March 11, 2023.
  27. ^ "ABBYY Timeline - Process Mining Software Comparison". Institute of Information Systems. May 12, 2020. Retrieved May 17, 2023.
  28. ^ Hainzinger, Brittany. "ABBYY updates machine learning library". App Developer Magazine. Retrieved January 26, 2022.
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