Ripcord and Fuji Xerox Embark on Joint Venture to Accelerate Digital Transformation Initiatives
Partnership to drive growth, business expansion across Japan and APAC region.
Hayward, California — September 2, 2020 — Ripcord, the world’s leading robotics and integrated SaaS digitization company, today announced a new joint venture with Fuji Xerox Co., Ltd., a leading multinational corporation in document management solutions, to bring disruptive digital transformation technologies to Japan and the APAC region and which aims to reach sales of over $300 million by the mid-2020s. The joint venture will benefit businesses seeking to digitize content management processes to better leverage organizational data and adjust to quickly changing customer expectations.
Businesses across industries have been racing to digitally transform their paper-intensive operations as a result of the COVID-19 pandemic. Businesses today require faster and location-free access to better understand their data and content. This joint venture with Ripcord and Fuji Xerox will help clients on their journeys to disrupt traditional processes and empower customers to solve key pain points around digitizing and accessing data to drive smarter business processes. According to NelsonHall (1), the Business Process Services Market in Japan and APAC region is around $75 billion and will continue to grow over the next couple of years.
With FUJIFILM RIPCORD, Ripcord’s vision-guided robots, advanced artificial intelligence (AI), and machine learning (ML) content software technologies combined with Fuji Xerox’s leading know-how on Business Process services and document solutions will help customers streamline operations, accelerate digitization and time-to-value, reduce costs and significantly reduce labor costs associated with digitizing and modernizing legacy business processes. For Fuji Xerox, Ripcord’s technology will provide a much higher value-add data management offering to their new and existing customers in an accelerated manner.
“By combining Ripcord’s advanced technologies and Fuji Xerox’s cultivated know-how in business process outsourcing services, FUJIFILM RIPCORD will deliver innovation that drives digital transformation forward for our business customers,” said Kouichi Tamai, president and representative director, Fuji Xerox. “We are committed to constantly delivering business innovations by quickly responding to changes in the market environment and always bringing value to our customers.”
With its vision-guided robots and intelligent software, Ripcord empowers businesses to go paperless by combining hardware and software robotics to process and digitize paper-based records. Once digitized, Ripcord leverages its integrated SaaS software Canopy to make new and existing data searchable and malleable in the cloud – enabling organizations to innovate in industries still entrenched in paper processes. Ripcord helps companies turn data into insights, resulting in improved customer experiences, increased growth, and enabling employees to put insights into action to drive the business forward.
“Digital transformation is atop every global CIO’s priority list. With this joint venture, Fuji Xerox and Ripcord can offer end-to-end solutions with our vision-guided robots, ML- and AI-powered classification, and advanced entity extraction that meet the needs of the most demanding global brands,” said Alex Fielding, CEO and co-founder of Ripcord. “The latest in Ripcord’s tremendous momentum, this joint venture, combined with Fuji Xerox’s innovation-driven leadership in document solutions, will create a set of unrivaled solutions to meet the needs of our customers as we continue to expand across the globe.”
The joint venture with Fuji Xerox will continue to drive Ripcord’s expansion globally, with better service and support for existing customers that have Japan- and APAC-based operations.
Ripcord is a Silicon Valley-based company disrupting the $62 billion document intelligence space with its cutting-edge Document Intelligence as-a-Service platform. Using advanced robotics and AI, Ripcord digitizes, ingests, classifies, and intelligently extracts and abstracts data from paper and digital records, making them accessible and actionable to enterprise users. Founded in 2015 out of NASA research, Ripcord is backed by the world's leading investors including Kleiner Perkins, Google Ventures, Icon Ventures, Lux Capital, and Apple co-founder Steve Wozniak. For more information, visit www.ripcord.com.
About Fuji Xerox
Founded in 1962, Fuji Xerox Co., Ltd. is a leading company in offering smarter ways to work with its document-related solutions and services, as well as with the world-class office multifunction devices, printers and production printers that we develop and manufacture for worldwide distribution.
Fuji Xerox is a wholly owned subsidiary of FUJIFILM Holdings Corporation with direct sales force covering Japan and the Asia-Pacific region including China. As a U.S. 10 billion dollar enterprise, we employ approximately 40,000 people globally, with more than 80 domestic and overseas affiliates / sales subsidiaries.
On April 1, 2021, Fuji Xerox will change its corporate name to FUJIFILM Business Innovation Corp. www.fujixerox.com
- NelsonHall, “Global BPS Market Forecast: 2019-2023”