SS&C Technologies has agreed to acquire Captricity, the maker of Vidado data transformation platform, that enables extraction of handwritten and machine-printed data from paper documents.
While the securities services industry has sought to move away from manual processes and paper to automation and digital in recent years, progress has been slow. The need for this has been heightened by the COVID-19 pandemic.
Clients of SS&C will be able to use the Vidado technology to automate paper-to-digital data extraction as a component of their digital transformation
The deal for the California-based Captricity will see SS&C add 30 full-time employees in Oakland, Boulder, Colorado, and New York City.
“The financial and healthcare industries are challenged by the abundance of manual paper-based transactions, often including significant amounts of handwritten data,” said Bill Stone, Chairman and CEO. “The addition of Vidado and Captricity’s team will complement SS&C’s business process outsourcing (BPO) services and our AWD business process management solution.”
While SS&C has been relatively quiet on the M&A front when it comes to fund administration over the past 12 months, the group has still been active when it comes to technology purchases.
Last September, SS&C agreed to acquire risk analytics products and services from IBM’s Algorithmics division, expanding its range of data products and providing potential new services to its fund administration unit.