Veryfi, using artificial intelligence (AI) technology to transform documents into structured data in just seconds, announced adding over 30 customers while achieving its revenue goal in the first quarter, plus a partner agreement with Menocarta providing the consulting and services firm with resell rights for Veryfi software in Italy.

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“Once that data is digitized and put in a structured format, we are able to make it actionable for analysis and reporting, which can then truly have an impact on our client’s business that just wasn’t possible before.”

The company tripled revenues in 2021 and continues its strong growth momentum this year. Veryfi’s technology enables organizations to capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data, at scale. Veryfi uses advanced AI/ML (machine learning) technology, trained by millions of documents over the past four years, extracts data and transforms it into a structured format for 85 currencies, 39 languages, and 90 defined fields such as total, tax, VAT, SKU, vendor, invoice number, and more, which can then be accessed for a wide variety of business applications.

“This agreement with Menocarta highlights the value that our Intelligent Document Processing technology can have on companies’ digital transformation initiatives,” said Frank Kopas, chief revenue officer, Veryfi. “With our technology in their solution portfolio, Menocarta will be able to help their clients accelerate digital transformation, improve automation, and increase operational efficiency for their back office processes.”

Menocarta is an open innovation network, mainly active in Italy and Europe, combining skills in technology and RegTech with industry-specific expertise and methodologies to enable digital transformation for its clients.

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“By automating and digitizing documents, we are able to save our clients enormous amounts of time versus manual processes, plus the automation is much more accurate than what humans can achieve,” said Stefano Nalesso Ercolin, CEO, Menocarta. “Once that data is digitized and put in a structured format, we are able to make it actionable for analysis and reporting, which can then truly have an impact on our client’s business that just wasn’t possible before.”