Commercial KYC Technology Deflects Fraud and Criminal Activities

Commercial KYC Technology Deflects Fraud and Criminal Activities

First published in PaymentsJournal online on October 18, 2017.
Interview with Ike Kavas, CTO and Alex Welsh, Vice President, Analytics Practice, Ephesoft, Inc.

We sat down with two of the technology leaders at Ephesoft, Ike Kavas and Alex Welsh, to learn more about the advances of Commercial KYC (Know Your Customer) solutions for banks and financial institutions around the globe. Here’s what they said.

Q: Why is Commercial KYC important for banks?

A (Alex): Risk tolerance is an important factor here, but long story short: KYC is a vital component to any healthy commercial lending practice. Aside from the regulatory requirements to monitor and report on potential financial crimes, banks that do not have robust KYC programs and technology can lose a competitive edge in the market – especially for big commercial clients.

Q: How do banks and financial institutions use Ephesoft’s platform to uncover red flags?

A (Ike): Connecting multiple data points and cross-referencing databases can show if customers or their suppliers or partners are involved in terrorist, illegal or at-risk activities. Big data analytics can find these outliers or anomalies and alert system users.

Q: Can you explain how Ephesoft can help with EDD or Enhanced Due Diligence?

A (Alex): The “enhanced” part of due diligence comes into play with larger institutional clients who are drawing bigger lines of credit, etc. This is where the banks require more third-party data from their customers – partnership agreements, supply chain contracts, anything that’s one or more level removed from the clients themselves. This amounts to large quantities of unstructured documents, which is where Ephesoft can help. Our machine learning technology can sift through the EDD content and extract the relevant information that the bank is looking for to support the KYC process.

Q: Can you describe how Ephesoft Insight’s mind maps help companies?

A (Ike): Visualization tools like our mindmap help analysts quickly see connections between data. Our algorithms put structure to unstructured data, and then users of our system can see how those data are connected. For example, in the world of trade finance and money laundering, our mindmap can show the user how one freight company is connected to an exporter suspected of fraud, and then see who else the freight company is connected to. This is powerful network analysis.

Q: What roles do machine learning (ML) and artificial intelligence (AI) play in helping banks protect themselves?

A (Alex): Machine learning is gaining a lot of traction in the market today because of its ability to massively scale. This is particularly important for global financial services companies. We talked to one bank that has over 3,000 anti-money laundering analysts manually combing through unstructured data. Machine learning automates these types of tasks. Systems that leverage machine learning don’t need to be explicitly programmed, and they learn from experience. At Ephesoft, our patented ML algorithms are specifically built for document data, which is why they are so useful for KYC and AML, for example.

Q: What kinds of patterns or trends are banks finding using Ephesoft?

A (Ike): There are different factors that banks look for when dealing with corporate or commercial customers. They want to know if the bank will pay back the loan. They want references, supplier contracts, partner credibility, financial projections but most important, they need to be able to vet and verify all the information their customers provide. When a customer’s data is captured in Ephesoft, bank managers will be able to ascertain account risk level by verifying background information, identifying corporate relationships and any links to blocked individuals or sanctioned countries, isolate over and under-invoicing or price gouging in supply contracts, and generally shine the light on potentially suspicious activity.

Q: What advice can you give banks regarding Commercial KYC?

A (Alex): Protecting and safeguarding your clients’ money and assets is the priority for all banks. I would suggest making sure all security and encryption measures are in place to avoid breaches. After that, minimizing all related risks and fraud is critical. This is where Ephesoft supports our banking customers: structuring unstructured data to assess risk and find potential fraud and other crimes.

Q: How is Ephesoft Insight different from other data mining and reporting tools?

A (Ike): Insight is unique not only in its ability to ingest content from structured sources – like CRM and ERP applications as well as databases – and unstructured sources – like document and records stored in shared drives, content management systems and email servers, but also in its ability to transform unstructured content into structured data sets. What we mean by this is that Ephesoft can help business analysts to view data in documents in a structured manner, like a spreadsheet, by linking them to data from other business systems. Additionally, it can draw second, third, fourth, fifth, etc. degrees of connections to help users draw conclusions and see anomalies.


BoxWorks

Ephesoft Document Intelligence Platform Featured at BoxWorks

Ephesoft Transact among AI Solutions demonstrated at Box Skills Launch

October 11, 2017 – San Francisco, CA – Ephesoft, Inc., the industry-leading developer of document capture and analytics solutions that extract meaning from unstructured content, today announced that  Ephesoft Transact is available as part of Box Skills, unveiled today at BoxWorks 2017. As a Box Technology Partner, Ephesoft integrates with Box’s platform to enable advanced document capture and analytics functionality, providing customers with the industry’s first pure cloud-based content onboarding solution.

“As a Box Technology Partner, we have similar goals of helping customers through their digital transformation by revolutionizing document and content cloud services. Box Skills shows us that Capture-as-a-Service has gained traction in the market and will lead future business practices,” said Ike Kavas, CTO of Ephesoft.

Box Skills is a framework for applying state-of-the-art artificial intelligence and machine learning tools, such as Ephesoft Transact, for content stored in Box. With Box Skills, enterprises will be able to uncover insights and automate business processes that have traditionally been too costly or impractical to digitize.

“Box Skills provides an innovative framework with leading cloud technology solutions such as Ephesoft,” stated Jeetu Patel, Chief Product Officer of Box. “As enterprises continue to modernize their business processes, the ability to intelligently capture, classify and extract data from customers at scale for high-value documents is essential..”

Ephesoft Transact is an onramp for adding documents to Box through a variety of ways: scanners, MFPs/Copiers, network folders, emails, mobile and legacy ECM systems. Transact employs multiple data and character recognition engines for Box. Once documents are imported, they pass through a patented machine-learning engine with analytics, they are classified and extracted. The extracted data is exported and mapped to Box metadata fields for easy retrieval and use. Through patented machine learning algorithms, models can be built to not only classify documents and extract data, but also to visualize, correlate and create a data map for documents within Box. Ephesoft’s Insight platform can access Box data using advanced enterprise document analytics and business intelligence tools to further uncover hidden data, detect trends and minimize risks.

Ephesoft Transact for Box Skills is now available directly from Ephesoft and through a global network of solution partners.  Further information on the Box Skills integration is available on the Ephesoft website.

About Ephesoft, Inc.

Ephesoft, Inc. delivers intelligent capture technology on a private or public cloud platform that extracts meaning from unstructured content. With a focus on efficiency and reliability, Ephesoft has crafted the next generation of intelligent document capture technology that allows organizations to automate and streamline mailroom processing and other document-based business processes. Ephesoft is headquartered in Laguna Hills, California, with regional offices throughout the US, EMEA and Asia Pacific. The company is undergoing rapid growth and has customers in over 30 countries. To learn more, visit ephesoft.com.


3 Ways Enterprise Content Management Systems Make GDPR Compliance Easier

Data protection is a critical — and stressful — duty for any organization that processes information used to identify an individual. The new General Data Protection Regulation (GDPR) casts an even wider net over what data companies worldwide must protect when handling the personal data of European Union (EU) citizens. For the first time, GDPR requires all genetic, mental, cultural, economic, and social information be secured.

Several branches of information technology previously unaffected by data protection laws are now on the clock to fulfill the new requirements. The latest version of the GDPR goes into effect on May 25, 2018, leaving some companies scrambling to comply with the expanded range of personal data that now falls under regulation.

Here are three ways content management systems can make GDPR compliance work in your company’s favor.

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Ephesoft Insight is Selected as KMWorld Trend-Setting Product for 2017

Once again, Ephesoft has landed a coveted spot on KMWorld’s Trend-Setting Product list this year for its big data analytics platform Ephesoft Insight. This yearly list recognizes a variety of technologies in the knowledge management space that are deemed “hot” categories. As noted in the article, machine learning is one of those ground-breaking, hot topics that are making strides across many industries using this technology.

Ephesoft Insight is a next generation enterprise document analytics and business intelligence platform. With Insight, organizations can unlock the power of the data trapped in multiple document repositories to reduce risk, drive profits, improve operations and support strategic decision-making. The platform allows businesses to connect, crawl, analyze and scale big data with patented machine learning tools, from unstructured content which is not readily accessible or searchable. The Insight dashboards offer users a way to visualize, explore, analyze and report data at scale.

“Insight is being used by large organizations that compile data from many sources to find trends, anomalies, discover opportunities and eliminate risks of all kinds – from background checks and criminal activities to improving patient care and customer service. We use sophisticated, patented machine learning algorithms to sift through and extract multiple sources of data so our customers can solve big problems that they couldn’t solve in the past,” said Ike Kavas, CTO at Ephesoft. “We appreciate that Ephesoft solutions are recognized for a second year in a row by KMWorld. Our goal is to keep innovating our products to solve our customer’s business challenges.”

Ephesoft clients use Insight to perform a variety of big data analytics to improve business and customer-based decisions. For example, government agencies utilize the platform to automate data-driven processes in support of mission-critical services. Healthcare providers optimize value-based care and populate health management programs with unstructured textual data extracted. Financial services institutions are improving customer intelligence, uncovering investment opportunities, mitigating risks, combating fraud and meeting regulatory requirements by analyzing large volumes of electronic documents.


Microsoft Gold Partner

Ephesoft Achieves Microsoft Gold Partner Status

Ephesoft is pleased to announce that we have attained Microsoft Gold Partner status in the Cloud Platform Competency. According to Microsoft’s website, “Microsoft Gold partners demonstrate the highest, most specialized capability to meet customer needs.”  The partner status was achieved through a strategic investment in Azure, and dedicating employees to Microsoft technical advancement. Additionally, over the past several years, Ephesoft has worked diligently to create seamless integrations with Microsoft products, like SharePoint, Flow and Dynamics.

Recently, Ephesoft was the first company to announce our Capture-as-a-Service platform on Microsoft’s Azure Cloud, which offers customers a SaaS and PaaS, the next generation of document capture and analytics in the cloud. Together, the joint solution offers customers scalability, flexibility, faster deployment and lower costs to organizations that want to access and manage their unstructured data. This data typically accounts for about 80% of the documents at any given organization.

“We hope to establish even more confidence for our customers using Microsoft applications or as a platform that Ephesoft’s advanced document capture technology is the best choice, both in the cloud or on premises. Our innovative, patented machine learning capabilities help our customer gain efficiencies and boost their ROI far faster than any competitive system,” stated Don Field, CEO at Ephesoft.

Ephesoft’s CaaS platform on Microsoft Azure is expected to amplify sales as businesses realize the huge benefits, including accuracy, time savings, faster processing, improved cycle times, less manual labor and the option to maximize opportunities while minimizing risks, among many other reasons. In fact, with Europe’s GDPR deadline approaching, Ephesoft is an ideal solution for any companies worldwide that may contain personal unstructured data records in Europe. By automating data capture, the platform can not only uncover unknown data, but it can make data accessible so companies can install the right protection and security they need.

“Customer success drives our business, which aligns with Microsoft’s philosophy. Ephesoft’s products, Transact and Insight, use patented machine learning algorithms to liberate meaning from unstructured content so that organizations can easily access their data, driving better business decisions while creating significant efficiency and cost savings. Combine this technology with a cloud based, SaaS model, high performance and big data analytics, and customers reap even more benefits,” added Ike Kavas, CTO at Ephesoft. The Ephesoft platforms help business automate and modernize existing business processes and data.

For more information on how Ephesoft and Microsoft work together, please contact info@ephesoft.com or visit www.ephesoft.com.


MTF Vehidle Finance

MTF Selects Ephesoft’s Advanced Document Capture Technology

First Customer in New Zealand Modernises Finance Processes

North Sydney, Australia – Ephesoft Inc., the industry leading developer of document capture and analytics solutions that extract meaning from unstructured content, today announced that Motor Trade Finance (MTF), a leading provider of vehicle financing in New Zealand, has selected Ephesoft’s Transact platform. MTF, established in 1970 and specialising in recourse finance, offers financing through auto dealerships and franchise partners across New Zealand. Future State Systems, a systems integrator, are solutions experts who are delivering the platform and meeting MTF’s exact technical requirements.

Ashley Ross“We saw the value in Ephesoft’s platform. The system will expedite our processes, drive efficiency, and can categorise and classify all our data so we can easily access it. We are in the final stages of implementation and all indications are promising. We expect that Ephesoft will reduce the error rate and workload by virtually eliminating manual processing. So far, Future State Systems is doing a great job of deployment,” said Ashley Ross, CIO at MTF. “We are very positive about this project and look forward to a long and promising relationship with Ephesoft and Future State Systems.”

MTF generates a high volume of paper and electronic documents and will use Ephesoft’s platform to capture, extract, classify, review, validate and extract data to streamline their loan processes. On average, MTF is processing about 4,000 loans per month, generating more than $1.5m every day of the week. Future State Systems will implement and configure Ephesoft Transact to capture and classify over 45 different document types (paper and electronic based) including loan application forms, data from emails, bank statements, utility bills and driver licences. The system will then extract data from documents and use database lookups to assist MTF in ensuring compliance requirements are met. Once the metadata is extracted, the data along with the document images are exported to FileNet, their document management system.

Ross expects that Ephesoft will automate 75% throughput of their documents, at a minimum. Through Ephesoft’s patented machine learning algorithms, they expect that number to grow over time. Ephesoft Transact, a more robust system, also replaces IBM Datacap, which was previously used for OCR capture. The old system required a full-time person to manually categorize and file loan documents and other supporting documents into FileNet. MTF plans to utilise Ephesoft’s Advanced Reporting module to gain insight into performance levels and alert them of new document classification types.

“Ephesoft has customers in over 30 countries, but we’re thrilled to announce that MTF is our first client in New Zealand,” stated Andrew Rootes, General Manager, Asia Pacific & Japan. “We are proud to welcome MTF into our prestigious group of customers.” This year, Ephesoft opened an office in North Sydney, Australia to further support the growing Asia Pacific and Japan regions.

“At Future State Systems, our goal is to help our clients to quickly transform their business processes into their desired future state. As a platinum Ephesoft partner, our team includes advanced document capture experts who can implement solutions quickly and cost effectively. MTF has leveraged our willingness to share implementation risk, with a fixed price engagement model that eliminates cost blowouts and encourages rapid deployment,” said Derek Brand, Managing Director at Future State Systems.

 

About Ephesoft, Inc.

Ephesoft, Inc. delivers intelligent capture technology on a private or public cloud platform that extracts meaning from unstructured content. With a focus on efficiency and reliability, Ephesoft has crafted the next generation of intelligent document capture technology that allows organisations to automate and streamline mailroom processing and other document-based business processes. Ephesoft is headquartered in Laguna Hills, California, with regional offices throughout the US, EMEA and Asia Pacific. The company is undergoing rapid growth and has customers in over 30 countries. To learn more, visit https://www.ephesoft.com.

 

About Future State Systems, Pty Ltd.

Future State Systems (FSS) is an Ephesoft Platinum Partner headquartered in Sydney, Australia. FSS helps organisations enhance, optimise and automate their processes so that they can increase efficiency, reduce costs and improve service to their customers. FSS differs from most systems integration companies by encouraging fixed price engagements that quickly, and cost effectively, deliver business value. To learn more, visit http://futurestatesystems.com/.


Buyer’s Guide: Finding the Right Scanning Hardware Solution

Ephesoft would like to introduce our guest blogger John Moss, Business Development Manager, Strategic Partnerships and Alliances at Fujitsu Computer Products of America, Inc. Fujitsu is an Ephesoft Platinum Partner and an established leader in the document imaging market, featuring state-of-the-art scanning solutions in the workgroup, departmental, and production-level scanner categories. John has created a resource for your organization to leverage if you are looking to buy or replace scanning devices.

Advanced document capture technology spans a six-step workflow: ingestion, image processing, classification, extraction, validation and export/delivery. If you are using or considering the Ephesoft platform, an important step is finding the right scanning hardware to serve as the data on-ramp – the digitization system that primes unstructured data for ingestion.

The below sections offer a series of questions to help any buyer make decisions about the right tools for their data ingestion point. The answers to these questions will help you determine the right throughput, type and number of devices best suited for your application, as well as other considerations.

Before You Start

At the beginning of any technology purchasing decision, consider your organization’s answers to the following questions:

  • What content-intensive or paper-intensive processes do you currently have?
  • How often do you scan? What is the monthly volume?
  • What type of documents are you scanning? Mixed batches, high volume, invoice only, receipts, delicate, etc.?
  • What do you like about your current workflow, what do you dislike about it?
  • What do you currently use for scanning? Dedicated scanner, MFP?
  • What will your future needs look like?
  • What are the challenges/benefits of your current device? Provide pros and cons to both.
  • What approvals do I need? Will I need a steering or project committee to help with the acquisition?

Questions about the Solution

Now that you know your internal requirements, it’s time determine which solution is best suited for your company.

  • What sort of automation does the solution offer?
  • Indexing and data extraction
  • Document separation
  • Image enhancement
  • File and folder naming
  • File conversion to PDF, Searchable PDF
  • Will my documents be easily searchable?
  • Is the image processing high quality?
  • Does the solution support a distributed license model? (Meaning, are you able to perform one task at one location and other tasks at another location to keep the process moving?)
  • Does it offer limitless scans without charging for more volume?
  • Will the solution scale with the growth of my business?
  • Does it integrate with my Line of Business or ECM application?
  • What does the user interface look like? Is it intuitive and easy to use?
  • Can I set up profiles that help automate processes?
  • Does the solution require extensive training to be effective?

Next Steps

It goes without saying that testing and demoing the product is a must. The other important factor for consideration is usually cost, and the question of buying versus leasing. We advise asking your Sales rep for help in preparing these costs for you – that’s what they are there for! And, finally, research your vendor thoroughly. Make sure they are well established, are using innovative technology, and think of you as a partner, not a quick sale. If you would like details on scanning hardware solutions, please visit our website here.

Download the Whitepaper: "Shifting Information Governance from the Back Office to the Boardroom"

For more information about digitization drivers, download our whitepaper on the importance of having information governance discussions at all levels of an organization.


Series A Funding to Drive Expansion of Ephesoft

Ephesoft RocketArticle by Ralph Gammon, published in Document Imaging Report (Vol. 27, No. 13)

When Don Field, CEO of Ephesoft, was looking for an equity investor, early on in the process, he received what he considered to be a valuable piece of advice. “Somebody told me that everybody’s money is green, so I’d better look for more than just that,” Field told DIR.

Field’s search ended with Ephesoft accepting $15 million from Mercato Partners in a Series A financing round that was announced last week. Based in Salt Lake City, UT, Mercato invests in “growing companies in technology, digital media, and branded consumer markets.” “A lot of people offer introductions and help with hiring executives,” said Field, who talked with more than 70 potential investors. “What Mercato has that I didn’t see anywhere else was a team of experts that actually comes in and works with their portfolio companies in areas like sales and marketing, human capital, and branding and communication. It’s similar to hiring an outside consulting firm to advise you. We have been really impressed with the background of their team and the advice they have given us. They’ve meshed well with our team, and we are all working together toward our common goal of explosive growth.”

According to Field, Ephesoft was a perfect fit for Mercato’s portfolio. “They specialize in taking companies with revenue in the low eight figures [over $10 million] and growing them to the nine-figure level,” he said. “That’s exactly where we are hoping to go. We fit every checkbox they had on their list. There are not too many companies like us—that make it to eight figures in annual sales without outside money and are profitable.”

Ephesoft had previously taken on smaller strategic investments from Fujitsu (through KnowledgeLake) and In-Q-Tel, which works to introduce federal government agencies to new and relevant technologies. “Ephesoft was founded seven years ago with investments from friends and family, and I call that Ephesoft 1.0,” said Field. “After that, we spent four years growing slowly and diligently. Then came the investment from KnowledgeLake three years ago, and we became Ephesoft 2.0.

“At that stage, we added a lot of people and grew to a significant size. Now we’ve reached the point where we see so many opportunities, and the market dynamics have reached such a significant point, that we felt it was the right time to take on additional investment to really help us get to a new performance level.”

With the Series A financing, Mercato principal Joe Kaiser joins the Ephesoft board. “There are now four people on the board, with one spot open,” said Field. “We also have three non-voting advisors; one is from Mercato and one from KnowledgeLake.”

Field noted that the Mercato investment is the first time that the ISV has issued preferred stock. “Basically, this means Mercato has some extra voting rights that don’t come with common stock,” he explained.

Ephesoft plans to invest the capital in a number of areas, including a recently announced hosted offering, continued development of its Insight software, potential acquisitions, and increasing its overall visibility. “To date, Don has led the company with a very conservative approach,” noted Tim Dubes, VP of marketing. “We have been savvy and sensitive to the bottom line. We’ve been profitable and growing, but, now it’s time to put some rocket fuel in the engine and see what we can do.”

Capture as a service

One of Ephesoft’s first moves related to the investment was to launch a SaaS version of its Transact capture software. It is being hosted on Azure and was announced at last week’s Microsoft Inspire partner event held in Washington, D.C. There are four tiers of service being offered– Entry, Standard, Professional, and Premium.

“We are making a big effort to really do cloud hosting properly,” said Field, who previously had told us that Ephesoft had not seen much demand for cloud capture. “When we first built our product seven years ago, it was designed to run on the cloud. We are now starting to more frequently engage with businesses looking for cloud-based intelligent capture.”

Dubes noted that a lot of this demand is coming from the financial services industry. “We are getting a lot of feedback from organizations that are moving their primary line-of-business applications to the cloud,” he said. “As a result, they don’t feel it makes sense for them to run front-end capture on premises and then move documents and data to the cloud. Our APIs really allow us to integrate with customer environments, as well as call our capabilities as needed.”

The different tiers of Ephesoft’s cloud service are primarily based on volumes and bandwidth levels. “The pricing depends on document volumes and the velocity with which a customer needs to execute its processes,” said Dubes. “The Entry and Standard levels can process complex documents but are designed more for entry level users. There is a basic set up fee in addition to the subscription fee.”

Dubes expects higher volume Professional- and Premium-level users will require additional professional services and tighter API integration, but still expects the offerings to be very competitively priced. “Some advanced capture products can require as much as 4x professional services compared to licensing fees,” he said. “That’s not the case with our on-premises software and will not be the case with our cloud offering.”

Ephesoft Transact on Azure is available worldwide. “With the recent ownership changes at some of the leading players in the capture market, the dynamics have changed a lot in the last few years,” said Field. “With our cloud strategy, we think we have the opportunity to emerge as the leader in the next wave of capture.”

Expanding Insight

Ephesoft first showed Insight at its inaugural conference in the spring of 2015, where it was called Universe. Since then, the software has been rebranded and gradually brought to market. In-Q-Tel’s investment was based on the Insight technology and its efforts have helped Ephesoft make some forays into the federal government space. Now, the ISV is looking at other markets.

“I’d have to say that Insight is still mostly a well-kept secret,” said Field. “To date, we’ve had very little sales effort focused on it. Our plan now is to go wide with a combination of engineering and sales additions and a marketing rollout.”

Added Dubes, “One reason we need the investment is that our demand generation has bottlenecked. We need a bigger team to follow-up on leads with prospects like large banks and government agencies. Sales cycles for these types of engagements tend to be strategic and long.”

Ephesoft would like to capitalize on Insight while it occupies a unique place in an emerging market. “We have not found anything that competes directly with it,” said Field. “It’s for mining documents and discovering dark data—a solution a lot of large organizations are currently looking for, as demands for compliance with regulations like GDPR [the EU General Data Protection Regulation] start to emerge.”

Capture for the future

According to Dubes, not just Insight, but Ephesoft in general, could benefit from increased visibility. “If you look at where we are seeing traction right now, when we talk to customers, the channel, and analyst firms, it’s because Ephesoft is viewed as having a modern platform compared to some of the legacy capture vendors,” he said. “We really need to turn up the amplifier on that, especially with some of the recent ownership changes that have taken place at some of the market leaders. While we are focused on creating cool technology, they seem to be more focused on improving operational efficiencies and squeezing out profits.”

Helping drive Ephesoft’s innovation is its focus on the utilization of machine learning throughout its products. “Machine learning is core to what we do,” said Dubes. “It’s at the heart of our engineering effort, and tools based on our patent [U.S. number 9,384,264, issued on July 5, 2016] are used in all our products. Basically, our entire business is about capture, classifying, and extracting. In Transact and Mobile, this is typically to enable a business process; in Insight, it’s done for the purpose of data analytics. Machine learning enables both applications. Machine learning is the reason it doesn’t take us more than a few samples to set up our software, which differentiates us from the competition.”

In addition to continuing to develop its own technology, Ephesoft is looking to expand through potential acquisitions. “We are focused on the higher-end of the market, so it probably won’t be anybody developing batch capture controls or anything,” Field said. “We are looking at a couple areas that are peripheral to what we are currently doing.”


Dean Hough Joins Ephesoft as Vice President of Engineering

Deah Hough

Laguna Hills, CA – August 2, 2017 – Ephesoft, Inc. the industry leading developer of document capture and analytics solutions that liberate meaning through machine learning, announced today that Dean Hough has joined the company as its Vice President of Engineering. Hough has joined the executive team and will be responsible for Software Development and Quality Assurance (QA), ensuring greater synergy. His priorities include expediting the development process, making continuous product improvements to Transact and Insight, and expanding the development team at Ephesoft’s headquarters.

Hough brings over 30 years of document capture knowledge and business leadership to Ephesoft. His remarkable career in the document capture space includes being the Co-Founder, Board Member and VP of Engineering at Kofax. He also held leadership positions at Filenet, Laserfiche and Computer Systems Innovations (CSI).

“I am thrilled that Dean has joined our team. He is a friend and valued colleague of many years,” expressed Don Field, CEO. “His knowledge and depth of experience in advanced document capture technology will greatly benefit the overall success of Ephesoft, including products, processes, implementation and, most importantly, drive value, efficiency and profitability for our customers.”

Hough has already expressed his excitement internally to the company and is taking a hybrid approach to his new position. “Our goal is to achieve greater responsiveness and seamless communication internally and with our partners and customers. We will leverage our efforts to better understand our customer’s perspective and goals, develop innovative features and accelerate deployment. We intend to attract top talent to help meet our growth projections,” Hough stated.

Outside of the office, Hough is a competitive track and road cyclist, who has won over 100 races and tried out for the 1984 Olympic cycling team and as well as competed in the World Masters Cycling Championship in Austria. He holds a Bachelor of Science degree from San Diego State University along with classes towards an MBA at Stanford and computer science classes at several Irvine colleges. Hough lives locally in Orange County.

About Ephesoft

Ephesoft, Inc. delivers intelligent capture technology on a private or public cloud platform that extracts meaning from unstructured content. With a focus on efficiency and reliability, Ephesoft has crafted the next generation of intelligent document capture technology that allows organizations to automate and streamline mailroom processing and other document-based business processes. Ephesoft is headquartered in Laguna Hills, California, with regional offices throughout the US, EMEA and Asia Pacific. The company is undergoing rapid growth and has customers in over 30 countries. To learn more, visit ephesoft.com.

Media Contact:

Tim Dubes

Vice President, Marketing

949-335-5335, ext 50

tim.dubes@ephesoft.com

 


Ephesoft Secures $15M Series A Funding from Mercato Partners

Growing Advanced Capture Innovator Accelerates Rapid Expansion of Machine Learning Business with Investment

Mercato Partners LogoLaguna Hills, CA – July 11, 2017 – Ephesoft Inc., the industry leading developer of document capture and analytics solutions that extract meaning from unstructured content, today announced that it has completed a $15 million Series A financing round. Mercato Partners, a trusted growth capital partner, is the exclusive investor in this round. The investment will be used to accelerate Ephesoft’s product development while expanding operations, market presence and sales channels. Joe Kaiser of Mercato Partners will join the Ephesoft Board of Directors as part of the investment.

Founded in 2010, Ephesoft has developed advanced machine learning solutions that capture, extract and analyze unstructured content. The company has over 500 customers globally ranging from financial services, Federal government, insurance, mortgage and healthcare sectors. Over the past 18 months, Ephesoft was named to the Inc. 500 Fastest growing privately held companies in America, received a patent for its machine learning technology applied to unstructured content, was selected for multiple document analytics projects by Federal Intelligence agencies and secured several new seven-figure engagements with leading financial services companies.

“Organizations are struggling with the enormous volume of unstructured content, which represents upwards of 80% of all available content, and is growing at a rate of 43% per year. To provide tangible value, that information needs to be processed and analyzed. Ephesoft’s solutions are disrupting the advanced capture market with a definitive value proposition: apply machine learning to convert these unstructured information streams and repositories into actionable data,” said Kaiser. “We are excited to help advance Ephesoft’s cloud-based approach to content capture and analytics to the public and private sector, especially with the continuing strong innovation in big data, vertical solutions and ease of use in the product portfolio.”

Ephesoft’s Transact and Insight platforms are leveraged by leading financial institutions to fast track mortgage processing and approvals, by government agencies to identify anomalies in over two million background investigations, and by companies across all markets to accelerate invoice approvals, automate patient records, and improve document-driven business processes.

“Mercato’s investment will help Ephesoft realize its vision of liberating meaning through machine learning technology,” said Ike Kavas, Ephesoft’s founder. “We view Mercato as a long-term strategic partner, and we appreciate their experience in helping visionary technology companies accelerate and manage growth. This funding will enable Ephesoft to help organizations improve business outcomes by identifying and rationalizing dark data, then understanding how it impacts their business.”

About Ephesoft
Ephesoft, Inc. delivers intelligent capture technology on a private or public cloud platform that extracts meaning from unstructured content. With a focus on efficiency and reliability, Ephesoft has crafted the next generation of intelligent document capture technology that allows organizations to automate and streamline mailroom processing and other document-based business processes. Ephesoft is headquartered in Laguna Hills, California, with regional offices throughout the US, EMEA and Asia Pacific. The company is undergoing rapid growth and has customers in over 30 countries. To learn more, visit https://www.ephesoft.com.

 About Mercato Partners
Mercato Partners is an active growth investor in technology, branded consumer, and digital media companies and is one of the top-performing funds in the nation. Mercato seeks equity investments in high growth, market-leading businesses and has a distinct competency in helping companies accelerate sales, develop new channels, and expand to new markets. For more information about Mercato Partners and its portfolio of companies, visit www.mercatopartners.com.

 Media Contact:

Tim Dubes

Vice President, Marketing

949-335-5335, ext 501

tim.dubes@ephesoft.com


Ephesoft Announces Cloud Services on Microsoft Azure

First Capture-as-a-Service Unveiled at Microsoft Inspire

Ephesoft Transact Cloud powered by Microsoft AzureWashington, D.C., July 10, 2017 – Ephesoft Inc., developers of industry-leading Smart Capture® software that extracts meaning from unstructured content, today announced the availability of its Cloud Services on Microsoft Azure, an open, flexible, enterprise-grade cloud computing platform. Ephesoft’s Cloud Services provides the same power and agility of Ephesoft Transact’s advanced document capture and analytics technology with the additional benefits of a hosted SaaS solution. The announcement was made today at Microsoft Inspire, Microsoft’s annual partner conference in Washington DC.

Ephesoft Cloud Services offers four tiers of service – Entry, Standard, Professional and Premium– depending on an organization’s requirements on architecture, document and image volume, service level requirements, mobility, power, support and services. Whether it is a small business looking to automate document-centric processes, or a large enterprise that wants to enhance existing applications, there are multiple options to ensure the right fit.

“As more companies are trending to cloud computing with its scalability, flexibility, elimination of hardware costs and faster deployment, Ephesoft is staying at the forefront of that demand with Microsoft Azure,” stated Ike Kavas, Chief Technology Officer at Ephesoft. “Customers utilize Ephesoft as an added intelligent document automation layer with patented, machine learning algorithms that extracts, classifies, validates and exports data into other technologies or business systems. Being able to do this in the cloud as a Capture-as-a-Service model with Microsoft Azure will benefit our customers.”

Ephesoft is a Silver Microsoft Cloud Platform Partner with existing integrations into Microsoft SharePoint, Microsoft Flow and Microsoft Dynamics. Now, with Ephesoft Cloud Services, customers have another option to access Ephesoft technology in the cloud, improving their business and delivery processes with Microsoft Azure. Organizations with large paper volumes as well as critical document-driven processes will benefit most from advanced document capture technology, such as finance, mortgage, banking, insurance, government, education, intelligence and security industries.

Automating document capture using Ephesoft’s web based technology and RESTful APIs are cloud ready on Microsoft Azure. As a Cloud Platform partner, Ephesoft is fully compatible with Microsoft Azure, taking advantage of all the cloud offers from a scalability and availability perspective. Ephesoft is exhibiting in booth #1237 at Microsoft Inspire.

About Ephesoft:

Ephesoft, Inc. delivers intelligent capture technology on a private or public cloud platform that extracts meaning from unstructured content. With a focus on efficiency and reliability, Ephesoft has crafted the next generation of intelligent document capture technology that allows organizations to automate and streamline mailroom processing and other document-based business processes. Ephesoft is headquartered in Laguna Hills, California, with regional offices throughout the US, EMEA and Asia Pacific. The company is undergoing rapid growth and has customers in over 30 countries. Ephesoft will be at the Microsoft Inspire conference at booth #1237. To learn more, visit www.ephesoft.com.

 


Box logo

Ephesoft Joins Box Technology Partner Program

Provides first purely cloud-based solution that integrates intelligent document capture and cloud content management

Box logoLaguna Hills, CA – June 28, 2017 – Ephesoft Inc., a developer of industry-leading document capture and analytics software that extracts meaning from unstructured content, today announced that it has joined the Box Technology Partner Program. The integration extends the capabilities of Box’s cloud content management platform to include the intelligent document capture functionality of Ephesoft Transact, providing joint customers with the industry’s first purely cloud-based solution.

With Ephesoft Transact integrated with Box, joint customers can simplify their business processes and automate document ingestion from across their enterprise into Box. The integrated solution will provide customers with a direct, automated feed with actionable data associated with their documents of various types and formats, all from the cloud.

“As more organizations see their colleagues and customers doing more and more business in the cloud, they recognize the need to accelerate their transition to cloud solutions to ensure that their businesses stay competitive,” said Ike Kavas, chief technology officer at Ephesoft. “Today’s enterprises are looking for simple and secure ways to use cloud applications to address content services that streamline their processes, increase insight and speed business outcomes. Together, Ephesoft and Box address this need with the ideal integrated solution for end to end business content services.”

The companies offer modern, cloud-based platforms to address content capture and management solutions. Ephesoft has a proven track record of taking intelligent document capture data and moving it to the cloud, while Box is renowned for moving traditional enterprise content management (ECM) to the cloud. Together, they now offer a first-of-its-kind integrated cloud solution.

“We’re excited to welcome Ephesoft into the Box Technology Partner Program” said Scott Porter, VP of Business Development at Box. “With the Ephesoft Transact integration, our joint customers will be able to seamlessly capture and intelligently classify their content in Box.”

Box customers interested in learning more about the Ephesoft integration, how to utilize business process automation and the benefits of moving ECM and content capture to the cloud should contact Ephesoft or visit www.ephesoft.com.
See the video demonstrating Ephesoft Transact's integration with Box

 

About Ephesoft:
Ephesoft, Inc. delivers intelligent capture technology on a private or public cloud platform that extracts meaning from unstructured content. With a focus on efficiency and reliability, Ephesoft has crafted the next generation of intelligent document capture technology that allows organizations to automate and streamline mailroom processing and other document-based business processes. Ephesoft is headquartered in Laguna Hills, California, with regional offices throughout the US, EMEA and Asia Pacific.  The company is undergoing rapid growth and has customers in over 30 countries. To learn more, visit https://www.ephesoft.com.