Windsor’s SS&C Technologies Holdings Inc. says it’s agreed to acquire a California-based company that provides cloud-based artificial intelligence technology aimed at helping businesses extract and digitize otherwise-inaccessible data.
The financial-technology services vendor this week announced it plans to acquire Captricity, which operates as Vidado, for an undisclosed sum.
Vidado is an AI-driven platform that identifies, digitizes and validates print documents, and is commonly used in the insurance, financial services, pharmaceutical, education, nonprofit and survey research industries, among others.
Its machine-learnings products help companies generate cost savings and accelerate the automation of business processes, SS&C officials say.
Under the deal, SS&C will add 30 of Captricity’s full-time employees in New York City, Oakland, Calif., and Boulder, Colo.
“The financial and healthcare industries are challenged by the abundance of manual paper-based transactions, often including significant amounts of handwritten data,” said Bill Stone, SS&C’s chairman and CEO. “The addition of Vidado and Captricity’s team will complement SS&C’s business process outsourcing services and our AWD business process management solution.”
SS&C’s latest deal comes months after it purchased IBM Corp.’s algorithmics technologies portfolio and related assets.
The deal, inked in December, handed SS&C an additional 200-plus clients, including banks, broker deals and asset managers, and another 350 employees across offices in 25 countries.
SS&C is also hoping to acquire an Australian fintech for $155 million, and investor-engagement technology to deepen its reach into the Middle Eastern and Asian fintech sector.
