Intellinetics Expanding Payables Automation Solutions Practice
Leverages Artificial Intelligence and Machine Learning Capabilities
COLUMBUS, Ohio, November 01, 2023--(BUSINESS WIRE)--Intellinetics, Inc. (NYSE American: INLX), a digital transformation solutions provider, announces two recent sales of its IntelliCloud™ Payables Automation System within one week that represent a combined $150,000 in annual SaaS revenue. This reflects Intellinetics growing Payables Automation Solutions practice and provides an upward lift to its annual recuring revenue in this market. Both customers are scheduled for a go-live date in Q1 2024.
The IntelliCloud Payables Automation System utilizes patented artificial intelligence and machine learning technologies to eliminate the costly manual steps in general ledger (GL) coding, workflows and approvals, data entry, and invoice filing. These capabilities deliver a strong business case for clients to leverage Intellinetics’ software as the benefits of implementing include cost reductions, service improvements, strengthened compliance, and real-time dashboard views into data and documents.
"As organizations look to modernize manual accounts payable processes to free up time for higher-value activities, scale their business, and to reduce audit, fraud, and regulatory compliance risk exposure, building a digital-first modern finance department becomes a top priority for CFOs," said James F. DeSocio, President & CEO at Intellinetics. "We are proving our IntelliCloud Payables Automation System is an enterprise-class software solution for financial platforms that support very complex cost-accounting markets."
"Our Payables Automation practice brings us all the advantages that come with focus – a set of expanding solutions and services all of which are designed specifically for AP, while allowing us to scale through multiple entry points for different buyer needs. It has expanded our reach to serve customers ranging from enterprise to mid-market companies," continued DeSocio. "With our platform, ecosystem, and scale, we are well positioned in the massive and largely unpenetrated Payables Automation market."
About Intellinetics, Inc.
Intellinetics, Inc. (NYSE American: INLX) is enabling the digital transformation. Intellinetics empowers organizations to manage, store and protect their important documents and data. The Company’s flagship solution, the IntelliCloud™ content management platform, delivers advanced security, compliance, workflow, and collaboration features critical for highly regulated, risk-intensive markets. IntelliCloud connects documents to users and the processes they support anytime, anywhere to accelerate innovation and empower organizations to think and work in new ways. In addition, Intellinetics offers business process outsourcing (BPO), document and micrographics scanning services, and records storage. From highly regulated industries like Healthcare/Human Service Providers, K-12, Public Safety, and State and Local Governments, to businesses looking to move away from paper-based processes, Intellinetics is the all-in-one, compliant, document management solution. Intellinetics is headquartered in Columbus, Ohio. For additional information, please visit www.intellinetics.com.
Cautionary Statement
Statements in this press release which are not purely historical, including statements regarding future growth, future market share, market positioning, market entry, and other intentions, beliefs, and expectations are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions including inflationary pressures, a general economic downturn, Intellinetics’ ability to execute on its business plan and strategy, customary risks attendant to acquisitions, trends in the products markets, variations in Intellinetics’ cash flow or adequacy of capital resources, market acceptance risks, the success of Intellinetics’ solutions providers, including human services, health care, and education, technical development risks, and other risks, uncertainties and other factors discussed from time to time in its reports filed with or furnished to the Securities and Exchange Commission, including in Intellinetics’ most recent annual report on Form 10-K as well as subsequently filed reports on Form 10-Q and Form 8-K. Intellinetics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics on its website at www.intellinetics.com or at www.sec.gov.
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Contacts
Investor Contact:
FNK IR
Tom Baumann / Rob Fink
646.349.6641 / 646.809.4048
INLX@fnkir.com
Joe Spain, CFO
Intellinetics, Inc.
614.921.8170
investors@intellinetics.com
