Duco acquires intelligent document processing start-up Metamaze
Data automation firm Duco has acquired intelligent document processing (IDP) start-up Metamaze for an undisclosed sum.
Duco acquires Metamaze
Founded in 2020 and based in Antwerp, Belgium, Metamaze operates an AI-powered no-code Software-as-a-Service (SaaS) platform that is capable of mining text from various document types to provide better corporate insight and improve decision-making.
It specifically seeks to overcome the need for manual data extraction by automating processes, and says it has a “strong focus” on serving the banking and insurance industries.
“We’ve built Metamaze as an AI-powered self-learning intelligence platform that reads and interprets any document to extract information and data by itself,” explains Niels Van Weereld, CEO and board member at Metamaze. “Embedding our tech into a complementary data automation suite, while scaling globally, is our primary goal.”
Duco, which is headquartered in London, UK and was acquired by Nordic Capital in 2021, says that combining the start-up’s platform with its own cloud-based SaaS tools, which have been cultivated to enable financial institutions to more easily extract and leverage complex data sets through its propriety matching engine and no-code natural rule language, will culminate in an “AI-powered platform that automates the processing of both structured and unstructured data throughout its lifecycle”.
Michael Chin, who joined Duco as its new CEO last month, claims the acquisition “fundamentally changes how firms deploy AI in their operations” by enabling customers to “bring together all unstructured and structured data in a single platform”.
“They can avoid point solutions and automate the biggest time wastes, such as manual data entry, manual data validation and reconciliation. This is highly transformative for areas like post-trade operations in financial services, which remains under-automated to this day.”
