ABBYY explained

ABBYY
Logo Alt:A text colored red with the company name
Type:Private
Founded:1989
Founder:David Yang[1]
Hq Location Country:United States
Area Served:Worldwide
Footnotes:Financials [2] -->

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

History

ABBYY began in 1989, when David Yang founded BIT Software company in Moscow.[10] 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).[11] In July 1993, the company released the first version of its ABBYY FineReader text-recognition software.[12]

ABBYY works with AI, analytics, and RPA vendors UiPath, Blue Prism, Alteryx, PwC India, and others.[13] In 2019, ABBYY acquired TimelinePI, a process mining company, and Marlin Equity Partners became its biggest shareholder in 2021.[14] [15]

After the full-scale invasion of Ukraine by Russia began in 2022, ABBYY began closing its sales, development, and service provision in Russia and Belarus.[16] As of October 2024, ABBYY’s former Russian legal entities are liquidated.[17] On 1 October 2024, Radio Liberty reported that, according to accounts from employees, ABBYY employees with Russian citizenship had been dismissed from branches in Serbia, Hungary and Cyprus.[18]

Offices & management

The company was headquartered in Milpitas, California, with regional offices in 15 countries.[19] As of May 2023, ABBYY Group had about 500 employees across 13 countries.[20] In August 2024, ABBYY opened a new R&D centre and a Centre of Excellence in India.[21] 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 that it would move its headquarters to Austin, Texas,[22] but keep the Mipitas office for sales, marketing and operations.[23]

ABBYY's CEO is Ulf Persson.[24]

Company products

Additional products include NeoML, a cross-platform open-source machine learning library.[30]

Notes

  1. Web site: 9 Tips To Manage Remote Teams - HR.com .
  2. Web site: Microsoft Corporation Form 10-K . July 28, 2022 . . 8, 57, 59.
  3. Web site: ABBYY, Kofax, WorkFusion, and Automation Anywhere are on the Top of Everest Group's PEAK Matrix® for IDP 2022 . RPA Master. 2022-10-05 . 2023-04-27 .
  4. Web site: AI Giant ABBYY Makes a Power Move: Global Headquarters Shift and Leadership Shakeup . IntentTech . 2024-10-15 . en.
  5. Web site: Abbyy releases Vantage 2 and a new skills marketplace . 2022-01-04 . SearchEnterpriseAI . en.
  6. Web site: 2021-05-15. Marlin bets big on Abbyy's digital intelligence initiatives. 2022-01-04. VentureBeat. en-US.
  7. Web site: How to inject Intelligent Document Processing into SAP RPA IDM Magazine. 2022-01-04. idm.net.au.
  8. Web site: ABBYY USA Software House Inc - Company Profile and News . Bloomberg Markets . 2023-05-17 .
  9. Web site: ABBYY FineReader PDF Review: Is It Worth It in 2023? . Softwarehow . Adrian Try . 2022-07-19 . 2023-05-17 .
  10. Web site: Blinnikova . Natalia . 2018-07-04 . ABBYY Founder David Yang on AI, Building a Business and the Meaning of Life . 2023-08-27 . news.itmo.ru . ru.
  11. Web site: History of Intelligent Automation and ABBYY Innovations (Infographic) . ABBYY . 2023 . 2023-10-01 .
  12. Web site: Вектор модернизации: обзор обновленного ABBYY FineReader 12 . 2023-08-27 . 3DNews - Daily Digital Digest . ru.
  13. Web site: 2019-10-09. PwC and ABBYY to deliver digital intelligence solutions in India. 2022-01-12. www.consultancy.in. en.
  14. Web site: 2021-05-15. Marlin bets big on Abbyy's digital intelligence initiatives. 2022-01-20. VentureBeat. en-US.
  15. Web site: Marlin completes growth equity investment in ABBYY . Marlin Equity . 2021-05-19 . 2023-05-17 .
  16. Web site: ABBYY is a US-based, privately-owned software company . ABBYY . 2023-10-02 .
  17. Web site: ABBYY has completely withdrawn from the Russian market . 2024-10-15. en.
  18. Web site: The American company ABBYY dismissed employees with Russian citizenship . Radio Liberty . 2024-10-01 . 2024-11-12 . uk .
  19. Web site: ABBYY Corporate Headquarters, Office Locations and Addresses . Craft.co . 2023-05-17 .
  20. Web site: Tech company with big Ai ambitions plants HQ in Austin.
  21. Web site: New India offices . technologymagazine.com . 2024-10-01. 2024-10-15 .
  22. Web site: Top AI-focused tech company moving HQ from California to Texas . Chron . Timothy Malcolm . 2024-10-12 . 2024-10-14 . en.
  23. Web site: Tech company ABBYY to relocate headquarters to Austin, Texas . kvue.com . Jeff Bell . 2024-10-13 . 2024-10-14 . en.
  24. Web site: Ulf Persson, Abbyy USA Software House Inc: Profile and Biography . Bloomberg Markets . 2023-05-17.
  25. Web site: Abbyy открыла сервис автоматической обработки документов для тех, кто не умеет программировать. 2022-01-26. CNews.ru. ru.
  26. Web site: 2021-03-28. ABBYY's new no-code AI technology could be a gamechanger. 2023-03-11. healthcare-digital.com. en.
  27. Web site: Abbyy releases Vantage 2 and a new skills marketplace . TechTarget . 2023-05-08 .
  28. Web site: Abbyy looks to RPA to breathe new life into scanning and workflow. 2023-03-11. TechCrunch. 8 November 2018 . en-US.
  29. Web site: ABBYY Timeline - Process Mining Software Comparison . Institute of Information Systems . 12 May 2020. 2023-05-17 .
  30. Web site: Hainzinger. Brittany. ABBYY updates machine learning library. 2022-01-26. App Developer Magazine. en-US.

External links

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