ABBYY, a Bay Area company specializing in process intelligence, recently closed on an investment with Marlin Equity Partners, making the Hermosa Beach, Calif.-based firm ABBYY’s largest shareholder.
ABBYY, which launched as a document capture and optical character recognition software provider in 1989 accelerated its growth phase in 2019 when it acquired process mining technology provider TimelinePI. It has made other investments, including acquiring the Singapore division of digital imaging company Pericom and opening an office in Hong Kong, marking expansion efforts in the RPA and intelligent automation space.
The investment from Marlin will provide ABBYY with more capital to continue expansion in the rapidly growing automation market.
“Marlin sees tremendous value in the success we’ve had with our global go-to-market strategy and ability to provide our customers and partners the best Digital Intelligence solutions that help them reimagine how work is done. It is the perfect time to bring on a strong, growth-oriented partner among our shareholders,” said Ulf Persson, CEO at ABBYY. “With Marlin’s proven track record of collaborating with partner companies to accelerate growth, we are excited to embark on a path to capitalize on the huge market opportunity we have in the intelligent process automation market.”
The companies did not disclose financial terms of the agreement.