Inin Group AS — M&A Activity 2021

Apr 14, 2021

Elop AS: Simplifai enters strategic partnership with Documaster and signs up two first municipality clients

Elop AS: Simplifai enters strategic partnership with Documaster and signs up two first municipality clients

April 14th 2021 – Elop’s AI business unit Simplifai has entered into a strategic partnership agreement with rapidly growing document management company Documaster AS. The partnership has already landed its first clients, two Norwegian municipalities, and is part of a public sector growth strategy.

Documaster was recently one of only five Norwegian technology companies that were included in Financial Times’ list: «FT 1000: Europe's Fastest Growing Companies».

As part of the agreement, Documaster will include Simplifai’s AI-driven systems in its offering to support public and private sector clients in facilitating automatic receipt and management of e-mails and user or customer enquiries, including documents that needs to be managed.

“We will together with Simplifai strengthen our value proposition within two highly relevant areas; automated archiving of unstructured data and reduction of costs related to digitalisation of analogue documentation. These are major challenges for all our customers today,” says Simen Sandberg, chief operating officer at Documaster.

Two municipalities onboard.

Two Norwegian municipalities have already engaged Documaster, with Simplifai as subcontractor, to initiate such automation projects. One municipality wants to apply the solutions for its archive of planning and building files and documents, while the other will use it for management of HR documentation.

Going forward, Documaster will integrate Simplifai’s Documentbot and Emailbot technologies that help automate document management processes, into all its relevant client projects.

The cooperation between Documaster and Simplifai is regulated through a 12-month rolling agreement. Each new client project that Documaster enters into under the agreement, will generate monthly recurring revenues for Simplifai.

“Both Documaster and Simplifai is founded on an idea of automating and reducing time and money spent on document management. Our technology offering is highly complementary so we believe this could become a powerful and profitable cooperation for both parties,” says Bård Myrstad, VP of Simplifai.

Public sector growth strategy

Entering into the agreement with Documaster is part of Simplifai’s strategy to grow revenues from public sector clients, both in Norway and internationally.

In February, Simplifai signed a breakthrough public sector agreement with National Archives Services of Norway which has generated several requests from Norwegian municipalities.

“Documentation requirements in the public sector are strict, and the volume of correspondence and documents that are exchanged between municipalities and its “customers” – their local population – is almost incomprehensibly high. Hence, Simplifai’s AI-driven technologies, which help our clients to automate these processes, could play an important role in modernising the public sector and free up public servants’ time,” says Bård Myrstad.

ENDS

For further information, please contact:

Media

Bård Myrstad, VP Simplifai, tel: +47 415 03 263

Øivind Horpestad, Executive Chairman of Elop, tel: +47 910 00 626

Investors

Torbjørn Blom-Hagen, CFO of Elop, tel: +47 926 48 847

About Elop AS

Elop is a Norwegian technology company that has developed tools and digital solutions to inspect, monitor and manage infrastructure worldwide. The company’s technology portfolio includes a patented ultrasound technology for inspection and analysis of critical infrastructure. Through data-driven and AI-based solutions for inspection and predictive maintenance of concrete infrastructure, Elop’s vision is to provide asset owners with solutions that improve safety, extend asset lifetime, minimise total lifecycle cost and environmental footprint. Elop is headquartered in Norway.

For more information: www.elop.no

About Simplifai

Simplifai is Elop’s AI business unit. It supports Elop with developing data-driven and AI-based solutions for inspection and monitoring of critical infrastructure. Simplifai operates as a stand-alone business where it develops automation solutions using artificial intelligence to help clients across numerous industry sectors to grow effeciently. For example, Simplifai’s Digital Employee solutions can automate labour intensive work process where natural language communication including email, chat or documents are central. This includes customer relations, case handling, HR and accounting. Simplifai was acquired by Elop in January 2021.

For more information: www.simplifai.ai