An artificial intelligence business, Re:infer Ltd., was acquired by software automation company UiPath Inc. This acquisition comes as recession-aware employers try to cut expenses by automating more office chores.
The natural-language processing software from Re:infer is made to recognize and extract information from various customer interactions with a business, including emails, online chats, and phone communications. The agreement's terms weren't made public.
He claimed that Re:infer's language processing techniques could be used to automate the process of tracking, classifying, and organizing information in real-time for use outside of call centers and customer service divisions. The 2015-founded Re:infer claimed to have received more than $7.5 million in funding from investors.
In industries like banking and financial services, healthcare, insurance, retail, manufacturing, and transportation, according to Mr. Kummert, he sees widespread uses for the technology.
During Covid-19 workplace lockdowns and the emergence of remote work techniques, chief information officers and other corporate technology leaders increased their usage of AI-enabled software automation, generally known as robotic process automation, or RPA. Routine administrative duties, which frequently require human data input and another time-consuming effort, are designed to be handled by software automation.
According to industry analysts, the tools are set to experience another uptick as businesses look for ways to increase operating efficiency amid worries the U.S. economy may experience a recession.
Software automation, according to Mr. Ray, is a fast expanding area of enterprise information technology, outperforming growth in overall software sales in only the past year.
Despite the possibility of reduced operating budgets everywhere, Gartner projects spending in the worldwide RPA industry are to reach $2.9 billion this year, a 19.5 percent rise from 2021.
According to many CIOs, difficult economic times may lead to a greater need for skills like software automation, which can fill the gap left by employment restrictions or spending reductions.
A business automation advisory committee, led by IT executives from major corporations like Xerox Holdings Corp. and Intuit Inc., was established by UiPath earlier this year. According to the corporation, the group was established to find gaps in business automation applications but did not provide advice on the Re:infer acquisition.
According to a report released by Gartner on Monday, UiPath, a New York-based company, had an estimated 34.1 percent market share of all software automation last year and generated more than $800 million in revenue. According to Gartner, Blue Prism Group PLC, its main rival, has a market share of under 10%.
About UiPath
UiPath aims to assist businesses in realizing their full potential through automation by delivering the Fully Automated EnterpriseTM. The premier Robotic Process Automation (RPA) technology and a comprehensive set of capabilities offered by UiPath provide an end-to-end platform for automation that enables any firm to scale digital business operations quickly.
About Re:infer
Re:infer is the Conversational Data Intelligence platform for the enterprise. Re:infer is used by businesses to mine, watch, and automate their customer support conversations. They democratize the power of AI for every employee through a no-code NLP platform. Re:infer improves governance and control, boosts scalability, and improves user experience.
