Box announced it has acquired Alphamoon Technology, a company specializing in AI-powered OCR and document processing tech.

Box is one of the leading cloud storage companies, with a special focus on the business and enterprise space. The company has been increasing its portfolio of services. With the Alphamoon acquisition, Box is significantly bolstering its AI-powered document capabilities.

“We are entering a new era of Intelligent Content Management and this acquisition represents a pivotal moment in our mission to revolutionize how enterprises derive value from their content,” said Aaron Levie, Co-Founder and CEO of Box. “By integrating Alphamoon’s cutting-edge AI technology with Box AI, and bringing the talented Alphamoon team to Box, we’re poised to address the longstanding challenges of metadata creation at scale and empower our customers with unprecedented new automation capabilities.”

When Alphamoon’s tech is fulling integrated, Box will be able to offer Intelligent Document Processing (IDP) with the following features:

• Advanced, proprietary OCR technology to intelligently understand complex document structures;
• Leading third-party AI models (such as GPT-4 and Gemini) to drive innovation in metadata extraction to allow Box customers to structure their unstructured content in a simple and easy-to-use way;
• Box’s enterprise-grade security and policies and applying it to AI implementation, with no additional training, to ensure all customer data remains safe and secure.

The technology will enable Box’s customers benefit in a number of ways, including:

• Automating metadata extraction from business documents allowing users to leverage information stored within invoices, purchase orders, financial statements, contracts, leases, and more;
• Streamlining workflows based on extracted metadata, such as using metadata to understand if a legal contract is missing information, and alerting a legal assistant to complete it;
• Integrating extracted information with external applications like Salesforce. Today, the Box for Salesforce integration is one of the most widely used at Box and by leveraging enhanced metadata extraction in Box, enterprises can optimize core workflows, like loan processing ;
• Enhancing industry-specific processes, such as analyzing clinical studies in life sciences or financial documents in the financial services sector.

“IDP remains a critical origination point for increasingly complex document workflow using intelligent capture paired with automation,” said Amy Machado, Senior Research Manager, Enterprise Management & Workplace Strategies, IDC. “To enable automation, organizations need a high level of accuracy, usability, and flexibility to support their diversity of documents and custom business requirements. With the Alphamoon acquisition, Box now has a complete end-to-end solution, unlike the pure-play IDP vendors.”

Terms of the deal were no disclosed. Box will reveal pricing for its IDP capabilities at a later date.