This is a highly strategic move for Hyland’s information management and process automation customers and prospects looking to add an RPA solution.
The purchase is particularly attractive for organizations that are interested in integrating RPA into Hyland’s process and content frameworks for industry-specific and horizontal business processes. RPA is a significant addition to the Hyland portfolio, which already includes a process automation platform integrated with intelligent capture, content management, customer communications management, collaboration, retention management, and process analytics. (The acquisition is also an important factor in the ongoing consolidation in the RPA market, with Hyland being the third major digital process automation/content management vendor this year to acquire an RPA firm.)[ii]
Hyland started down this path more than a year ago when it launched a buy/build/partner strategic evaluation process. The company partnered in the short term but continued to seek an acquisition candidate that it could leverage across its many products. After reviewing a number of small RPA vendors, Hyland selected Another Monday, a firm with 60+ employees (approximately half of them focused on R&D). Acquisition proved to be the best approach for quickly integrating and leveraging RPA throughout Hyland’s extensive portfolio of vertical and horizontal frameworks for content-intensive processes.
Another Monday is an interesting choice. Initially, the company started as a small consulting firm with a large European telecom company as its major source of revenue. Growing organically, the firm built a technology solution and began deploying RPA solutions across multiple departments in collaboration with the telecom company’s power users. Today, the organization has over 180 processes leveraging the RPA technology and running on more than 2,000 machines across the enterprise. Given its consulting roots and implementation experience, Another Monday not only offers a robust, configurable product but also brings substantial RPA implementation experience.
Starting now, Hyland customers and partners can begin integrating Another Monday’s RPA software into Hyland products using web services and other open standards. Hyland fully expects to gain an accretive RPA revenue stream this year. Over time, RPA integration will drive deeper into Hyland application frameworks and its digital process automation software. The focus will be on providing an integrated, purpose-built RPA approach for back office processes within higher education, healthcare, financial services, insurance, regional and national governments, and other industry sectors. Hyland will also target horizonal applications such as accounts payable and receivable, HR processes (e.g., recruiting, onboarding, and integration with HRM), and contract management.
Deep Analysis believes this is a significant acquisition for Hyland customers and partners that is not only good for Hyland but will send additional shock waves through the RPA market by showing that consolidation is well underway.
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[i] The acquisition was for an undisclosed amount. Hyland was formed in 1991 and is headquartered in Westlake, Ohio. Hyland has 33 offices worldwide with more than 3,500 employees and 15,000 active customers. See Hyland (Digital Process Automation) and Hyland Credentials (Learning Machine)