Navigate the Future of Intelligent DocuProcessing: Discover ABBYY Within Everest Group’s PEAK Matrix for Top-Tier Assessment in 2#

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Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 2 Introduction Scope of this report Geography: Global Technology provider: 26 leading IDP technology providers Products: IDP, banking-specific IDP, and insurance-specific IDP IDP products find a wide variety of use cases across different business functions and verticals. IDP adoption not only helps enterprises achieve cost savings, but also improves their workforce productivity and employee and customer experience. IDP technology providers are increasingly offering low-code/no-code platforms to enable citizen developers to configure the platforms. They are enhancing their capabilities and functionalities and allowing users to interact with documents via natural language by integrating with Large Language Models (LLMs). In the full report, we assess IDP software products that leverage AI / cognitive capabilities / generative AI and are available for independent licensing. They are offered either as platforms that allow enterprises to deploy out-of-the-box solutions using pre-built modules or as solutions to buyers with the intent of classifying and extracting data from documents. The report features providers on three Intelligent Document Processing (IDP), Banking-specific IDP, and Insurance-specific IDP Products PEAK Matrix ® Assessments 2024 , one for the overall IDP landscape, one for the banking-specific IDP landscape, and one for the insurance-specific IDP landscape. Based on the comprehensive Everest Group PEAK Matrix evaluation, each of the 26 IDP technology providers are segmented into the categories of Leaders, Major Contenders, Aspirants, and Star Performers. We focus on:  Everest Group’s PEAK Matrix evaluation, a comparative assessment of 26 leading IDP technology providers  Everest Group’s PEAK Matrix evaluation, a comparative assessment of 10 leading IDP technology providers for banking-specific processes  Everest Group’s PEAK Matrix evaluation, a comparative assessment of 10 leading IDP technology providers for insurance-specific processes  Overview of IDP software products  Competitive landscape of the IDP technology provider market  Remarks on key strengths and limitations for each IDP technology provider  IDP product capability trends and predictions

Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 3 IDP products PEAK Matrix ® characteristics Leaders ABBYY, AYR, Indico Data, Microsoft, Tungsten Automation (formerly Kofax), UiPath, and WorkFusion  Leaders continue to maintain their stronghold in the market and further penetrate major buyer segments by both acquisition of new clients and scaling existing deployments. They are also focusing on enabling holistic automation by developing complementary technology capabilities either through in-house development or via formal partnerships  Leaders are constantly investing to add new IDP capabilities to stay at the forefront of innovation. Some of the advanced capabilities include generative AI-based extraction and classification, LLM-powered context understanding capabilities such as summarization and document comparison, and a natural language-based chatbot interface to query documents  Leaders are also constantly investing in expanding the library of pre-built models and OOTB packaged solutions, especially for industry-specific use cases and document types (e.g., medical reports, media screening, and annual reports) Major Contenders Appian, AntWorks, Automation Anywhere, Datamatics, EdgeVerve, EXL, Google LLC, HCLTech, Hyperscience, IBM, Infrrd, JIFFY.ai, KnowledgeLake, Laiye, Nividous, and Rossum  Following the Leaders, the majority of Major Contenders have been investing to offer advanced features for software learning such as multi-modal extraction and bring your own model, and context understanding capabilities such as intelligent search and text summarization. Some of the generative AI-powered capabilities are also a part of their product roadmap  Some of the Major Contenders differentiate themselves either by focusing on a specific / set of industries, process areas, and use cases or by offering customized commercial models for enterprise clients. A few of these are also exploring partnership channels for increasing their market presence and share Aspirants Alkymi, Hypatos, and SS&C Blue Prism  Aspirants are currently focusing on enhancing the core extraction engine. They are expanding support to more complex input data types (e.g., bar codes, QR codes, and complex tables) and adding some cognitive capabilities (e.g., NLP capabilities to understand intent and entity extraction) to the platform  Aspirants, currently limited by scale, are actively investing to enhance their product architecture to make it more scalable as well as improving the monitoring and analytics capabilities to provide better insights to end-users

Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 High Low Low High 4 Everest Group PEAK Matrix ® Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 | ABBYY is positioned as a Leader Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 1,2 Market impact Measures impact created in the market Vision and capability Measures ability to deliver products successfully Leaders Major Contenders Aspirants Star Performers ABBYY AntWorks Appian Automation Anywhere AYR Datamatics EdgeVerve EXL Google LLC HCLTech Hyperscience IBM Indico Data Infrrd JIFFY.ai KnowledgeLake Tungsten Automation Laiye Microsoft Nividous Rossum SS&C Blue Prism UiPath WorkFusion Alkymi Hypatos Aspirants Leaders Major Contenders 1 Assessments for Alkymi, Google LLC, Hypatos, Hyperscience, IBM, and Microsoft exclude detailed provider inputs on this particular study and are based on Everest Group’s estimates that leverage Everest Group’s proprietary Transaction Intelligence (TI) database, ongoing coverage of the technology providers, their public disclosures, and interaction with buyers. For these providers, Everest group’s data for assessment may not be complete 2 In the assessment year, Kofax was rebranded to Tungsten Automation. Source: Everest Group (2024)

Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 5 1 Others primarily include consulting, oil and gas, energy and utilities, legal, real estate, CPG and retail, hi-tech and telecom, travel and logistics, and media and entertainment 2 Others primarily include logistics, HR, contact center, mailroom, capital market industry-specific, healthcare provider industry-specific, pharma industry-specific, hi-tech industry-specific, and telecom industry-specific 3 Buyer size is defined as large (>US$5 billion in revenue), midsize (US$1-5 billion in revenue), small (US$50 million-US$1 billion in revenue), and SMBs (<US$50 million in revenue) Note: Operational and product-/offering-related information as of September 2023, collected as part of the study / based on Everest Group estimates Source: Everest Group (2024) Split of IDP revenue by buyer industry Split of IDP revenue by process areas Split of IDP revenue by buyer geography Split of IDP revenue by buyer size 3 Recent deals and announcements (not exhaustive)  September 2023: named Arsenal’s first Official Intelligent Automation Partner  July 2023: partnered with Doculabs to deliver best-in-class Process Intelligence solutions to drive more impactful business transformations  May 2023: collaborated with Pipefy to launch a joint solution to facilitate document-based process automation  April 2023: announced partnership with MCCi to accelerate modernization of state and local government agencies  October 2022: launched ABBYY Proof of Identity, simplified document-centric digital onboarding processes, and offered instant identity proofing and affirmation  September 2022: partnered with Carlsberg, a leading brewery group, to transform its order and delivery process Company overview ABBYY is an intelligent automation company founded in 1989. It offers AI platforms and solutions for IDP and process intelligence that empower organizations to understand and improve their business processes and data that fuels them. ABBYY focuses on combining innovation in AI with industry experience to transform data from various documents in different formats and languages into actionable insights. Headquarter(s): Milpitas, California Website: www.abbyy.com Key leaders Key clients include  Ulf Persson, Chief Executive Officer  Bruce Orcutt, Chief Marketing Officer  Brian Unruh, Chief Financial Officer  Scott Opitz, Executive Vice President and General Manager US FDA, Société Générale, Intuit, PepsiCo, P&G, PwC, Deloitte, Zurich, Volkswagen. 22% 16% 16% 8% 8% 6% 24% 40% 10% 8% 8% 6% 5% 23% ABBYY profile (page 1 of 6) Overview Healthcare and pharma Government Insurance Finance and accounting Government sector-specific 35% 32% 24% 6% North America APAC UK 46% 46% 7% SMBs (1%) Midsize Large Small Healthcare payer industry-specific Insurance industry-specific Procurement Banking industry-specific Others 2 Manufacturing Banking Others 1 Professional services Continental Europe Middle East and Africa (3%)

Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 6 ABBYY profile (page 2 of 6) Overview Product overview ABBYY Vantage is an IDP platform that provides a no-code/low-code, cloud-first solution for processing both structured and unstructured documents. Its range of capabilities includes process mining, task mining, intelligent document processing, Artificial Intelligence (AI), and Machine Learning (ML). The platform also provides its proprietary OCR (FineReader), process intelligence solution (Timeline), and partners with a large number complementary technology providers for RPA, process orchestration, and conversational AI. Version number: 2.3.2 Release date: N/A Market adoption Description 2023 YoY growth IDP clients (individual logos) 19,083 25% IDP FTEs 800 (2.5%) Number of service provider partners / resellers 1,000 Not disclosed Number of technology/software partners 1,400 Not disclosed Key service provider partners / resellers MCCi, Kelley Connect, Digital Storm, Deloitte, PwC, UFC, Virtusa, etc. Key technology/software partners Alteryx, UiPath, SS&C Blue Prism, Pegasystems, WorkFusion, EXL, Mendix, Icertis, etc. 1 Includes FTEs in product development, support services (product support, implementation, etc.), and sales and marketing; excludes FTEs in corporate functions such as HR and IT Note: Operational and product-/offering-related information as of September 2023, collected as part of the study / based on Everest Group estimates Source: Everest Group (2024) 85% 10% 5% Semi-structured Structured Unstructured 64% 36% Direct sales Indirect sales 38% 29% 20% 13% Support services Product development Data scientists and ML Sales and marketing 75% 25% On-premise Cloud Split of IDP revenue by document type Split of IDP revenue by sales channel Split of IDP FTEs by function 1 IDP client mix by hosting model

Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 7 Input data types Handwritten text Free flowing text Logos Stamps Signature Borderless tables Nested tables Tables spanning multiple pages Charts/graphs Images QR code Bar code ABBYY profile (page 3 of 6) Capabilities and offerings Software learning and pre-packaged solutions Ability to train the software with human-in-the-loop Continuous learning through real-time feedback Leverages zero-shot/one-shot learning mechanism Multimodal approach to extract information from documents Out-of-the-Box (OOTB) pre-built use cases Online marketplace for pre-trained models Ability to generate synthetic data/ use data augmentation techniques to train ML models Ability of software to identify the best training model without use of external data scientists Use of generative AI to enhance software learning and training Extraction and classification Ability to use multiple OCR engines for different input types in a document Ability to create and modify workflows Business user-facing GUI with simple drag-and-drop features to define/edit the process Availability of pre-built workflows Fill missing/doubtful information by selecting the information in the document Ability to ignore irrelevant/redundant pages for data extraction Ability to classify documents and pages using AI/ML algorithms Ability of business users to add, configure, and manage validation rules Ability to process multiple languages in the same page/document Ability to work on multiple devices – mobile, tabs, etc. LCNC UI to create custom ML models for unstructured use cases Context understanding capabilities NLP capabilities to understand context and intent of free-flowing text Ability to summarize texts in documents Ability to search through a repository of documents based on entity/intent Sentiment analysis of text Ability to compare differences in meaning between documents Ability to identify relationship between extracted entities and values Ability to normalize extracted unstructured information Language translation capability Available In the roadmap Available via partner Not available

Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 8 ABBYY profile (page 4 of 6) Capabilities and offerings Monitoring and analytics Pre-built integration / OOTB connectors with third- party BI platform providers UI for business-users to configure confidence level or accuracy threshold for classification UI for business-users to configure confidence level or accuracy threshold for data extraction Ability of tool to continuously monitor its own performance Generative AI-powered chat-interface to answer queries around analytics and generate reports Dashboards for tracking of process-level SLAs Dashboards for tracking of batch-level STP rates Dashboards for tracking of field level accuracy Dashboards for tracking of manual worker performance Ability to build custom reports Availability of AI governance/explainability metrics to understand ML model performance Availability of benchmark metrics for comparison of performance Hosting options and product architecture Server/On-premise Private cloud Public cloud SaaS offering Microservices architecture Multi-tenant deployments Containerized deployments Solution listed in third party marketplaces Security Ability to auto-redact sensitive information Role-based access to the system Availability of audit logs Ability to segregate roles between development, test, and production environment Training and product support Provided by provider Provided via partners Online training courses Online certifications Live classroom training Separate training courses for different roles (e.g., developers and analysts) 24/7 product support to all clients Active online user community and forum Free community version Product manual/documentation Embedded help tool Complementary capabilities RPA capabilities Process mining Task mining Process orchestration Conversational AI API automation Available In the roadmap Available via partner Not available

Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 9 ABBYY profile (page 5 of 6) Capabilities and offerings Available In the roadmap Available via partner Not available Commercial model Perpetual licensing Subscription licensing Fixed capacity-based Usage-based (per document) Usage-based (per page) Per process based Outcome-based Hybrid models

Proprietary & Confidential. © 2024, Everest Global, Inc. | this document has been licensed to ABBYY Intelligent Document Processing (IDP) Products PEAK Matrix ® Assessment 2024 10 Measure of capability: High Low Market impact Vision and capability Market adoption Portfolio mix Value delivered Overall Vision and strategy Document processing capability Monitoring and improvement Implementation and support Commercial model Overall Overall IDP Strengths  ABBYY’s IDP offering, ABBYY Vantage and FlexiCapture, offers the capabilities to process structured and unstructured documents with a no-code/low-code approach. ABBYY also provides its proprietary OCR (FineReader), process intelligence solution (Timeline), and partners with a large number of complementary technology providers  It offers HITL feature for feedback-based learning of the model and has the ability to leverage generative AI for software learning and training and synthetic data generation for training ML models. Clients appreciate its ease of use in terms of training the model  ABBYY provides an online marketplace for pre-built models or skills, custom solution packages, and third- party connectors. Clients have also appreciated the breadth of the marketplace  The solution has the ability to provide domain-specific training data for entity recognition and the ability for business users to add, configure, and manage validation rules using external data  It leverages generative AI to recognize sentiments from text, summarize documents, extract key-value pairs from complex documents, and compare documents. It also offers a pre-built connector with generative AI/LLMs including ChatGPT  It can be deployed on-premises, cloud, and hybrid environments. It is also available as a SaaS offering and supports multi-tenant operations. Clients highlighted its cloud offering as one of its strengths Limitations  ABBYY has rich experience in serving clients from banking and capital markets, public sector, professional services, and manufacturing. Its experience in serving hi-tech and telecom, media and entertainment, CPG and retail, and travel and logistics sectors is relatively low  Though the platform offers semantic search capabilities for scanned documents and PDFs, the ability to query documents in Q&A fashion using generative AI is currently not available and is in the roadmap  Its ability to predict the likelihood of future events (e.g., loan default) based on understanding of the document is in the roadmap  Currently, ABBYY Vantage does not offer a chat interface to answer user queries around analytics and reports generation by leveraging generative AI/LLM  Clients expect ABBYY to improve reporting capabilities, especially for Straight Through Processing (STP) rate, to help users know when manual verification of a document can be skipped  Clients wish to see improvement in its query resolution time and ease of version control. They also expect ABBYY to add more pre-trained models for banking use cases ABBYY profile (page 6 of 6) Everest Group overall IDP assessment – Leader

Everest Group Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024

Introduction

IDP products PEAK Matrix® characteristics

Everest Group PEAK Matrix®Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024 | ABBYY is positioned as a Leader

ABBYY profile (page 1 of 6)Overview

ABBYY profile (page 2 of 6)Overview

ABBYY profile (page 3 of 6)Capabilities and offerings

ABBYY profile (page 4 of 6)Capabilities and offerings

ABBYY profile (page 5 of 6)Capabilities and offerings

ABBYY profile (page 6 of 6)Everest Group overall IDP assessment – Leader

Appendix

Everest Group PEAK Matrix® is a proprietary framework for assessment of market impact and vision & capability

Products PEAK Matrix® evaluation dimensions

Everest Group confers the Star Performer title on providers that demonstrate the most improvement over time on the PEAK Matrix®

FAQs

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