Cognitive AI market value grows with the integration of new digitalization tools and workflow technologies
GLENDALE, Calif., March 02, 2022 (GLOBE NEWSWIRE) — Beyond Limits, an industrial and enterprise-grade AI software company built for the most demanding sectors, today announced the company’s acquisition of Altec Products, Inc. (Altec), a leading provider of integrated document management and workflow solutions. The addition of Altec to Beyond Limits will enable accelerated product growth and drive digital transformation in new markets, furthering Beyond Limits’ mission to create world-class solutions for businesses that improve performance and enhance human decision-making.
“At Beyond Limits, we believe in the power of artificial intelligence to amplify the talents and capabilities of people,” said AJ Abdallat, CEO of Beyond Limits. “Our Cognitive AI solutions are used across energy, manufacturing, and healthcare sectors to tackle the toughest challenges and help individuals make faster, more efficient decisions to manage risk and drive profitability. Altec’s technology and approach to streamlined digital operations was a natural fit with our approach to AI, and we’re very excited to bring new value to the market together.”
Altec provides powerful, digitally integrated document management and workflow solutions. The company’s flagship product, DocLink, helps companies manage their data, documents, and processes, assisting them along their digital transformation journeys. With tight ERP integration, DocLink delivers tangible benefits measured by accelerated approval cycles, missed deadline elimination, and human error reduction. The results are improved access, visibility, and control over data and documents, alongside improved processes for employees, customers, and suppliers.
Beyond Limits’ acquisition of Altec further bolsters the company’s strategic partnerships and integrations focused on digital transformation and AI-readiness in key sectors around the world. Altec’s strong industry position, unique product offerings, and loyal customer base provide new product and market opportunities, as well as transformational capital for furthering its accelerated growth.
“We are excited about the next stage in our growth with Beyond Limits, especially as we share a common focus on delivering long-term value to our customers,” said Don Howren, President and Chief Operating Officer for Altec. “Our partnership with Beyond Limits will help us further energize our business and accelerate opportunities, and I look forward to working with our management team and dedicated employees to reach the next level of our company’s growth. In that context, we remain focused on developing world-class products and providing unrivaled customer service and support.”
As part of the acquisition, Altec will continue offering its core document management and workflow solutions directly to the market. Altec will also operate as a wholly-owned subsidiary of Beyond Limits. TechStrat acted as financial advisor to Altec. Financial details of the transaction were not disclosed.
About Beyond Limits
Beyond Limits is an enterprise-scale AI company that optimizes operations, boosts efficiency, and increases productivity for demanding industries including energy, utilities, and healthcare.
Beyond traditional artificial intelligence, our software products are powered by Beyond Limits’ award-winning Cognitive AI technology, utilizing a hybrid AI approach that combines data-centric techniques with embedded human knowledge to affirm trust in software-driven decisions, manage operational risk, and drive profitability.
Founded in 2014, Beyond Limits leverages a significant investment portfolio of advanced technology developed at Caltech’s Jet Propulsion Laboratory for NASA space missions. The company was recently honored by Frost & Sullivan as a Company of the Year for their 2021 Best Practices Award and by CB Insights on their 2020 List of Top 100 Most Innovative Artificial Intelligence Startups.
For more information, please visit www.beyond.ai.
About Altec
Altec’s document management and process automation solution DocLink helps companies connect their people, processes, and data by automating tasks in accounts payable and beyond into other enterprise departments. DocLink enables companies to digitally transform their operation, improving productivity and ultimately saving companies significant time and money. Thousands of companies globally use DocLink on-premise, in the cloud or in hybrid environments. Altec enjoys strong, collaborative partnerships with ERP providers including Microsoft, Sage, Acumatica, AmTech, Key2Act, Epicor, and SAP B1.
Learn more at www.altec-inc.com.
Beyond Limits Contact
Scott Belvins
beyondlimitsPR@teamlewis.com
(415) 283-5492
Altec Contact
April Blankenship
aprilblankenship@altec-inc.com
(949) 727-1248 x1264