- Data automation firm Duco has acquired intelligent document processing (IDP) start-up Metamaze for an undisclosed sum.
- Metamaze, based in Antwerp, Belgium, operates an AI-powered no-code Software-as-a-Service (SaaS) platform for mining text from various document types, with a focus on serving the banking and insurance industries.
- Duco, headquartered in London and acquired by Nordic Capital in 2021, aims to combine Metamaze’s platform with its own cloud-based SaaS tools to create an AI-powered platform for automating the processing of both structured and unstructured data throughout its lifecycle.
- The goal is to provide better corporate insight, improve decision-making, and eliminate the need for manual data extraction.
- Niels Van Weereld, CEO of Metamaze, emphasizes embedding their tech into a complementary data automation suite and scaling globally.
- Michael Chin, Duco’s new CEO, believes the acquisition fundamentally changes how firms deploy AI by enabling customers to bring together all unstructured and structured data in a single platform.
- The combined platform aims to address challenges in areas like post-trade operations in financial services by automating manual data entry, validation, and reconciliation.
