Konica Minolta continues to grow in part by acquiring new companies and services that are aimed at helping the company expand its abilities and bring greater benefits to their customers. Now the firm has announced the purchase of the enterprise content management (ECM) business segment from ThoughtTrace, Inc., a Houston, Texas-based software company using artificial intelligence and machine learning to streamline contract management for the oil and gas industry.
This is another in a consistent stream of acquisitions by Konica Minolta. In September of last year they purchased VeBridge, a Lexington, Kentucky-based document management business, and in July acquired MWA Intelligence, a leading provider in the Enterprise Resource Planning (ERP) space. And these were on the heels of several other mergers in 2018 including with MacProfessionals, Techline Communications and assets of VioPoint Inc.
Prior to its corporate name change to ThoughtTrace Inc. in August 2018, the company operated as Agile Upstream Group, Inc. Konica Minolta will continue to provide the ECM solutions formerly provided by Agile Upstream focused on the oil and gas industries. According to Nick Vandivere, CEO of ThoughtTrace, the move will help provide accelerated development and growth in artificial intelligence (AI) for customers in the segment.
“We have been working in the oil and gas industry for several years with our proprietary AI software platform,” said Vandivere. “With the rapid market adoption and accelerated need for this solution in the industry, we realized that we needed to refine and concentrate our focus on the AI side of our business. Given the success of Konica Minolta’s ECM business we knew that our employees and customers of the business segment would be in very capable hands.”
The ThoughtTrace deal continues the M&A strategy for Konica Minolta aimed at strengthening ECM expertise for mid-market companies and larger corporations.
“We recognize that the upstream segment is in need of an ECM solution for their division orders and leases,” said Les Walker, president of Enterprise Content Management at Konica Minolta Business Solutions. “The addition of the ECM business segment from ThoughtTrace brings new capabilities that complements our growth strategy.”
It seems clear that this will not be the last acquisition by Konica as they continue to expand their reach and their capabilities in the area of enterprise content management, artificial intelligence and machine learning.