WINDSOR, Conn., March 24, 2020 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), today announced it has entered into a definitive agreement to acquire Captricity, the maker of Vidado data transformation platform. The Oakland, California-based Captricity offers an enterprise-grade machine learning solution that enables fast, scalable and highly accurate extraction of handwritten and machine-printed data from paper documents.
The acquisition adds 30 full-time employees in Oakland, Boulder, Colorado, and New York City.
Regulated enterprises in the insurance, financial services, pharmaceutical and healthcare industries use Vidado technology to automate paper-to-digital data extraction as a component of their digital transformation. The SaaS machine learning solution enables enterprises to achieve significant cost savings and accelerate the automation of business processes.
"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, Chairman and CEO. "The addition of Vidado and Captricity's team will complement SS&C's business process outsourcing (BPO) services and our AWD business process management solution. We look forward to working with Vidado's talented team to continue to deliver intelligent solutions."
"We are excited about the future of our product, people and customers. SS&C is a proven leader in enhancing enterprise operational processes," said Nowell Outlaw, CEO of Captricity. "Together with SS&C, we will have a broader enterprise scope with more expertise and capacity to serve our clients, adding scale and global reach."
Captricity's Vidado cloud-based, artificial intelligence (AI)-driven, intelligent automation platform identifies, digitizes, validates, and enriches data better than OCR technologies or humans, unlocking new ways for insurance, financial services, and pharmaceutical enterprises to operationalize traditional workflows for increased straight-through processing (STP), streamlined workflows, and increased productivity at lower costs.
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.
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SS&C (Nasdaq:SSNC) is available at www.ssctech.com. Follow SS&C on Twitter, Linkedin and Facebook.