Israeli company OrboGraph, which provides advanced check recognition and fraud detection solutions, was acquired by American firm Revenue Management Solutions (RMS), a healthcare payment automation service provider based in Oklahoma City. The acquisition was financed through the first follow-on fund of Thompson Street Capital Partners, a St. Louis-based private equity firm whose portfolio of companies it owns includes RMS.
Founded in 1995 by CEO Avikam Baltsan as a spinoff of OrboTech, OrboGraph is a developer and supplier of recognition solutions, payment negotiability, and check fraud detection for the U.S. check processing market. Nearly 4,000 financial institutions, service bureaus, and clearinghouses rely on OrboGraph technology to process billions of checks and payments annually. OrboTech boasts that the company processed more than 100 billion checks and that it saves its clients about $200 million in annual losses.
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“OrboGraph was able to identify and leverage during its development two dramatic changes that took place in the world, the globalization revolution and the AI revolution. At the beginning of the millennium, before artificial intelligence technology matured, we implemented a creative, patented solution of working in the cloud to complete the text fragments that we did not automatically read. The system we built optimally combined automatic reading with remote typing from anywhere in the world and offered our customers a 100% real-time solution,” Baltsan said. “Over the past decade, we have been at the forefront of advanced AI technologies, and in collaboration with Israeli academia, we have developed groundbreaking solutions and upgraded all of our systems to deep learning-based systems, including the ability to translate huge amounts of data into consistent and ongoing performance improvements and new services that we will continue to offer in the future.”
Founded in 1994, Revenue Management Solutions (RMS) helps the restaurant and retail industry identify profitability opportunities through data-driven analytics and tech-enabled solutions that optimize sales, menus and a brand’s financial health.
