Kingdee's Strategic Investment in i-Search, Leading RPA Firm

Rhea-AI Summary

Kingdee International announced a strategic investment in Shanghai i-Search Software, a leader in Robotic Process Automation (RPA), during the Kingdee Cloud Cosmic Summit on May 16, 2021. This collaboration aims to enhance Kingdee’s Cloud Cosmic PaaS platform by integrating RPA technology, addressing enterprise automation needs across multiple sectors. The RPA market in China reached RMB1.02 billion in 2019, reflecting rapid growth. Kingdee's investment is expected to innovate product offerings and strengthen its market position.

Positive

• Strategic investment in a leading RPA firm, i-Search, enhances Kingdee's product offerings.
• RPA market in China is rapidly growing, creating significant opportunities for Kingdee.
• Partnership aims to integrate RPA with Kingdee's Cloud products, improving automation for enterprises.

Negative

• None.

SHENZHEN, China, May 16, 2021 /PRNewswire/ -- Kingdee International Software Group Company Limited ("Kingdee International", "Kingdee" or the "Company", and its subsidiaries, collectively the "Group" ; Stock code: 0268.HK) announced the strategic investment in the leader of domestic RPA ("Robotic Process Automation") - Shanghai i-Search Software Co., Ltd. ("i-Search") in the Kingdee Cloud Cosmic Summit. The business cooperation agreement of RPA and other relevant products was signed on-site. Mr. Zhao Yanxi, executive vice president of Kingdee Software (China) Co., Ltd. ("Kingdee China"), and Mr. Tang Qisong, CEO of i-Search, attended the signing ceremony and the two sides will jointly build an enterprise process automated service platform with advanced integration of RPA technology in the future.

With the acceleration of global transformation of enterprise digitalization, an increasing number of enterprises have changed their attitude towards RPA from an option to a necessity. Based on the statistics, the RPA market size in China reached RMB1.02 billion in 2019, representing an increase of 96.6% as compared to the previous year. Gartner, an international analytic firm, is of the view that RPA is the fastest growing segment of the enterprise software market in recent years, and by 2022, 80% of RPA-based enterprises will introduce AI technology to automate business procedures for unstructured data. Enterprises will take advantage of RPA products to address business challenges and help them automate business and IT processes. A company's pursuit of automation of procedures is not simply empowering the procedures with AI. When selecting an RPA service, it is essential for enterprises to choose a platform that possesses a deeper understanding of their enterprise scenarios or business procedures.

As a leader in enterprise cloud service, Kingdee's strategic investment aims to form alliance with i-Search to further enhance Kingdee Cloud Cosmic PaaS platform ecosystem and technical capabilities, building an integrated data intelligence platform which combines the data platform, AI platform and RPA platform. By scenario integration of RPA with various Kingdee's cloud products, to provide RPA digital staff solutions for enterprises to replace high-frequency, repetitive, time-consuming and error-prone manual operations so as to meet the demands for mass robot applications with multi-scenarios including finance, human resources, supply chain and marketing. At present, Kingdee Cloud Cosmic Platform has built three core-technology product systems which focus on integrated low-code family, enterprise cloud-native and data intelligence applications.

Zhang Yong, the rotating president of Kingdee China stated, "As an important product form of AI 's corporate services, RPA is now reshaping its business procedures through the automation of its business and IT processes, which will greatly accelerate the pace of enterprise innovation. Kingdee and i-Search will play their respective roles to strengthen the Kingdee Cloud Cosmic Platform capability with RPA technology, jointly innovate products, build intelligent and highly-effective robot application products to help enterprises build business capabilities."

Tang Qisong, the founder and CEO of i-Search stated, "Through the financing, i-Search will continuously enhance the R&D ("Research and development") investment in RPA and procedure automation of product development, ecosystem development and accelerating the best implementation of RPA in cloud and localization in various industries. The advantages of Kingdee in management, brand, product, technology, talent, customer and channels will also benefit the rapid development of i-Search in the RPA market, provide high-value RPA services to more corporate customers, and strengthen the leading edges of i-Search in the RPA market."

About Kingdee International Software Group Company Limited

Kingdee International Software Group Company Limited ("Kingdee International" or "Kingdee") was established in 1993. It is listed on the Main Board of the Hong Kong Stock Exchange (stock code: 0268.HK) and headquartered in Shenzhen, the PRC. Adhering to the core values of "Acting in all Conscience, with Integrity and Righteousness", the Company is committed to helping businesses achieve their growth targets and let the sun shine on every company through dedicated services. It strives to provide them with the most trusted enterprise service platform.

Through persistent efforts to explore China's Cloud enterprise service market, according to IDC, Kingdee has retained the largest share in the enterprise application software sector for fast-growing enterprises for 16 consecutive years, and has grasped the biggest share in the enterprise-grade ERM SaaS (as known as Cloud ERP) and financial Cloud services industry for the forth consecutive year. Kingdee is currently the only SaaS cloud service provider of Chinese enterprises selected into Gartner's global market guide, and has become the only Chinese SaaS company winning the 2020 IDC SaaS Customer Satisfaction Award.

Kingdee's diverse Cloud services and products are the preferred choices of leading enterprises. They include "Kingdee Cloud Cosmic" (digitalization and ecosystem platform for large enterprises), "Kingdee Cloud Galaxy" (intelligent growth service platform for medium-sized enterprises), "Kingdee Cloud Stellar" (intelligent growth service platform for micro and small-sized enterprises), "Cloud-Hub" (intelligent Cloud office), "Guanyi Cloud" (Cloud services for E-commerce operators), "Cargeer" (Cloud services for auto dealers) and "Wojia Cloud"(Cloud services for Property Industry). With its strengths in management software and Cloud services, Kingdee provides services and products to more than 6.8 million enterprises, government agencies and other organizations around the world.

For further information, please contact:

Wonderful Sky Financial Group Ltd.

Cecilia Ip / Jing Fang

Tel: (852) 3641 1317 / (852) 3970 2172

Email: kingdee@wsfg.hk

 

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SOURCE Kingdee

FAQ

What is Kingdee's recent investment announcement about?

Kingdee announced a strategic investment in Shanghai i-Search Software, a leading RPA firm, to enhance its Cloud Cosmic platform.

When was Kingdee's investment in i-Search announced?

The investment was announced on May 16, 2021, during the Kingdee Cloud Cosmic Summit.

What market opportunity does Kingdee's investment in i-Search address?

The investment targets the rapidly growing RPA market in China, which reached RMB1.02 billion in 2019.

How will Kingdee's investment benefit its customers?

The investment aims to provide integrated RPA solutions that automate high-frequency, repetitive tasks for enterprises.

What is the significance of RPA in businesses according to Kingdee's press release?

RPA is becoming essential for enterprises to automate business and IT processes, driving innovation and efficiency.