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UiPath (NYSE: PATH) announces the acquisition of Re:infer, a London-based natural language processing company, enhancing its AI capabilities for unstructured communications. Re:infer's technology allows for mining context from messaging, facilitating customer service automation. This acquisition aligns with UiPath's vision of a fully automated enterprise.
Combining forces is anticipated to unlock new automation opportunities, benefiting clients like Deutsche Bank and Hiscox Ltd. Terms of the deal were undisclosed, with further details to be unveiled at the UiPath FORWARD 5 conference.
Positive
Acquisition of Re:infer expands UiPath's AI capabilities and enhances its automation offerings.
Re:infer delivers advanced NLP technology that can improve customer service interactions.
Integration with UiPath's existing products is expected to generate new revenue streams and operational efficiencies.
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None.
New Communications Mining capability enables UiPath software robots to understand email context and semantics, online chats, and voice sessions, delivering superior customer service interactions
NEW YORK--(BUSINESS WIRE)--
Leading enterprise automation software company, UiPath (NYSE: PATH), today announced it has acquired Re:infer, a London-based natural language processing (NLP) company for unstructured documents and communications. Founded in 2015 by Ph.D. scientists from the AI research lab at University College London, Re:infer uses machine learning (ML) technology to mine context from communication messages and transform them into actionable data with speed and accuracy.
“Automation and AI are a powerful and natural pair that together empower the vision of the fully automated enterprise™,” said Ted Kummert, Executive Vice President, Products & Engineering at UiPath. “Our customers are awash in documents, communications, and data that they need to understand the meaning of and process efficiently. Combining Re:infer’s NLP technology with our Document Understanding and AI products expands the breadth of our current AI-powered automation capabilities and unlocks new automation opportunities for our customers.”
“Automating the interpretation of documents and communications data bridges the gap between humans and information technology systems, and structured and unstructured data to supercharge digital transformation efforts in the enterprise,” said Dr. Ed Challis, CEO and Co-Founder of Re:infer. “We have spent the last seven years building an innovative technology and believe UiPath will take us to another level. We couldn’t be more excited to access UiPath’s power of scale and introduce Re:infer to a new global audience. We’re joining the leader in enterprise automation and it’s an incredible day for us.”
Re:infer allows users to deploy custom machine learning models to analyze documents and communications data generated by a typical business each day – data previously lost or ignored due to processing limitations. Their no-code interface allows business users to train their own AI models for greater specificity and flexibility. The self-learning capability continuously improves model accuracy to assist customers in identifying bottlenecks and inefficiencies. Today, this is helping many of the world’s leading enterprises – including large banking, insurance, and e-commerce organizations – scale their services, enhance customer experience, and drive process improvement. This includes Deutsche Bank, Hiscox Ltd., and Farfetch.
“By using UiPath and Re:infer together, we have driven significant business impact through automation, enabling automated cataloguing, triaging, and responding to tens of thousands of email-based requests per month,” said Marco Rodriguez, Head of Automation at Hiscox Ltd. “With UiPath and Re:infer, our insurance brokers get instant, automated responses to email requests. Our service-level agreements have been reduced from days to just hours, and we have true, organizational visibility into business conducted over email.”
“Businesses are increasingly turning to platforms that combine intelligent automation technologies and solutions to resolve entrenched business problems. Mining for value in the thousands of interactions between a business and its customers each day is an attractive proposition for organizations that want to enrich customer experience, generate new revenue streams, and optimize operational efficiencies,” said Sneha Kapoor, Senior Research Manager, Analyst, and Technology Advisor for IDC Financial Insights.
Re:infer’s product capabilities are available to UiPath customers in private preview. Further details will be announced at the UiPath FORWARD 5 conference taking place at the Venetian Resort in Las VegasSeptember 27-29, 2022. To register for the conference, please visit: https://www.uipath.com/events/forward/register.
Read more about the acquisition on the UiPath Blog.
Terms of the acquisition were not disclosed.
Advisors
Cooley acted as legal advisor and McDermott Will & Emery acted as tax legal advisor to UiPath in connection with the transaction. Menalto Advisors acted as financial advisor and Orrick acted as legal advisor to Re:infer.
About UiPath
UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to rapidly scale digital business operations.
