The American company RMS acquires the Israeli Orbograph for over 100 million dollars

by time news

The American company RMS (Revenue Management Solutions) is acquiring the Israeli Orbograph for over 100 million dollars, the American company announced.

As part of the purchase, the company’s activities in the health field will be transferred to the purchasing company RMS, while the banking activities will remain under the authority of Orbograph, including the brand name. Orbograph has over 4,000 customers, mainly recognized financial institutions in the USA, service bureaus and clearing houses, as well as most of the major banks in Israel.

Orbograph, which is located in Rehovot, and has a large office in Massachusetts, manages systems in the field of automatic reading of printed text (Optical Character Recognition) and handwriting (Intelligent Character Recognition), and the systems it developed read documents in English, Hebrew and more. The company established the OrbNet AI Innovation laboratory in Israel, which focuses on the automation of check payments and fraud detection in the US, Israel and other countries. In addition, it developed the Health Payments Innovation Center (HPAC) – a service for extracting financial content from printed documents in the American health insurance market.

Orbograph continues to work on the development of its solutions while implementing advanced technologies in the fields of artificial intelligence, machine learning and deep learning. Since its founding, the company has processed over 100 billion checks and it saves its customers about 200 million dollars in losses per year by identifying fraudulent checks.

The company was founded in 1995 by Avikam Baltsen, a veteran of the performance research branch in the Air Force – as a spin-off of the old Orbotech company, which wanted to expand its activities to other markets. Orbotech supported Orbograph in its early years, providing various infrastructures and the knowledge it gained in the field of image processing. In 2007, he led the company to rapid growth and becoming a leading technology provider in the American banking and payments market. In 2019, Orbotech was sold to the American company KLA.

The purchase was financed through the first follow-on fund of the private investment company TSCP (Thompson Street Capital Partners) from St. Louis, whose company portfolio includes RMS.

“Over the years we have made sure to take root in the American market, the largest financial market in the world, and today we work with a large mass of recognized financial institutions in North America” ​​he noted Barry Cohen, CEO of Orbograph. “In light of this, it was only natural to join TSCP, an American investment fund that manages a capital of 4.5 billion dollars and has over 200 companies in its portfolio.”

“Orbograph knew how to identify and leverage during its development two dramatic changes that took place in the world, the globalization revolution and the AI ​​revolution at the beginning of the millennium, before the artificial intelligence technology matured, we implemented a creative solution, protected by a patent, of working in the cloud to complete the text sections that we did not decode automatically,” he said Avikam Baltsen, founder of Orbograph, CTO and CEO of Orbograph Israel.

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