Interactive Intelligence Acquisition of AcroSoft
Frequently Asked Questions
Acquisition Background and Details:
Q: Who is AcroSoft?
AcroSoft is a private company based in Columbia, South Carolina. Founded in 1996, the company provides document management and workflow application solutions exclusively to the insurance industry. AcroSoft employs approximately 13 full-time people.
Q: What is the core AcroSoft offering?
AcroSoft’s flagship offering, AS AnyWhere enables insurance clients to categorize and access any electronic content, augmented with specifically designed workflow for insurance tasks such as underwriting and claims processing.
Q: Who is the target AcroSoft customer?
AcroSoft has more than 40 customers in the mid-sized Property & Casualty (P&C) and Life Insurance markets, as well as Third-Party Administrators (TPAs). AcroSoft sells both direct and through channel partners.
Q: Who are AcroSoft’s main competitors?
AcroSoft competes directly with insurance-specific document management vendors such as ImageRight (owned by Vertafore), and to a lesser extent Perceptive Software (ImageNow) and Hyland Software/OnBase. AcroSoft integrates and works in conjunction with larger enterprise content management systems such as IBM/FileNet.
Q: What are the disclosed details of the acquisition?
Interactive Intelligence purchased 100 percent of the AcroSoft stock in an all-cash transaction. Interactive Intelligence plans to integrate AcroSoft’s document management and workflow applications with its Customer Interaction Center™ (CIC) and Interaction Process Automation™ (IPA) solutions.
Q: Will the acquisition affect job creation or reductions?
Interactive Intelligence has made commitments to grow the current AcroSoft team, with an immediate focus on adding additional developers and bolstering current sales, marketing and support operations. Interactive Intelligence plans to maintain the current Columbia, S.C. office and has already begun searching for additional hires in what it believes is a strategic location for insurance technology knowledge workers.
Q: What does the AcroSoft acquisition bring to Interactive Intelligence?
The AcroSoft acquisition is strategic on two fronts:
1. Accelerating Interactive Intelligence plans to expand its presence in the insurance market - augmenting the company’s strong foundation of more than 75 large and mid-sized insurance clients with:
- Increased insurance domain knowledge
- A document management application that will be integrated into the Interactive Intelligence CIC and IPA solutions
2. Providing Interactive Intelligence with the foundation to build and expand AcroSoft’s document management solution into other document-intensive vertical markets (including health care) and enterprise-specific horizontal processes (HR, finance, administration).
For Current AcroSoft Customers:
Q: Will the current AcroSoft products continue to be enhanced and supported?
Yes. The current AcroSoft development, support and services teams will continue to service existing and new customers. Interactive Intelligence has already begun plans for incorporating and augmenting AcroSoft’s current support, professional services, and development teams.
Q: Will the AcroSoft brand name continue to exist?
In order to leverage the economies of a single company brand, the AcroSoft company brand will be phased out over a ninety-day period of time and will operate under the Interactive Intelligence brand name.
Q: How will technical support be provided to current AcroSoft customers?
The AcroSoft team will continue to handle all 24/7 technical support, while adding additional resources from the Interactive Intelligence support organization. Current AcroSoft customers will continue to receive product enhancements, both through generally available releases and requested customization work.
Looking Forward:
Q: Are there plans to expand the AcroSoft product focus beyond its traditional insurance vertical?
Yes. While we believe there is a significant opportunity to expand within the insurance market, over time we will look to extend an integrated document management solution to its CIC and IPA customers and prospects across multiple industries.
Q: What are the integration plans between the AcroSoft and Interactive Intelligence product lines?
Interactive Intelligence has a product roadmap to fully integrate AcroSoft’s document management and workflow applications into CIC and IPA. Our joint market research has shown strong interest in insurance professionals (CSRs, underwriters, and adjusters -- whether in a customer-facing call center or a “mid-office”/“back-office”) leveraging an integrated, all-in-one communications-based platform that captures, intelligently routes and reports on all incoming media (now adding scanned document content to voice, e-mail, Web chat/callback, fax, and SMS). We believe that there is a clear market gap and compelling ROI to move from document-centric workflow to “communications-based process automation.”
Within insurance specifically, AcroSoft currently integrates with document management systems, rating systems, claims systems and other core insurance company systems. Interactive Intelligence intends to leverage and expand these integration points. The company’s driving objective continues to be facilitating greater efficiencies for its collective clients, and it believes it can accelerate that process through expanding AcroSoft’s integrations to other insurance core systems as well as other document management applications.
Q: Will AcroSoft and Interactive Intelligence partners have the ability to sell both product lines?
With additional sales and marketing resources, AcroSoft will continue to compete in its current market of mid-sized P&C/Life/TPA. When an integrated product offering is complete, Interactive Intelligence plans to leverage its channel partners and direct sales force to upsell the combined offering to its base of approximately 3,000 customers as well as prospects.
Additional Information:
Q: How can we find out more information about AcroSoft and Interactive Intelligence?
General Acquisition Inquiries
Bill Gildea, V.P. of Business Development
(317) 715-8388
bill.gildea@inin.com
Media/Industry Analyst Inquiries
Christine Holley, Director of Market Communications
(317) 715-8220
Christine.holley@inin.com
Investor Relations Inquiries
Steve Head, CFO
(317) 715-8412
steve.head@inin.com
Product/Demonstration Inquiries
Chuck Wilson, Director of Insurance Solutions
(803) 699-7778
cwilson@acrosoft.com