Box Disrupts Intelligent Document Processing Market with Acquisition of Alphamoon Technology

REDWOOD CITY, Calif. & WROCLAW, Poland--(BUSINESS WIRE)-- Box, Inc. (NYSE: BOX), the leading Intelligent Content Cloud, today announced its acquisition of the AI-powered, intelligent document processing (IDP) technology of Alphamoon. This strategic move, along with Box's recent acquisition of Crooze, a leading provider of no-code enterprise content management applications, significantly expands the Box Intelligent Content Management (ICM) platform. The acquisition further enhances the power of Box AI to automate document-related tasks and extract valuable metadata from critical business content across a variety of industries.

"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."

Driving Innovation in Intelligent Document Processing (IDP)

Alphamoon's technology combines leading large language models (LLMs) with proprietary OCR and document processing technology to intelligently structure documents at scale. Once fully integrated with Box, Alphamoon's technology will further expand the capabilities of the Box AI platform to revolutionize IDP by leveraging:

• 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.

"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."

Alphamoon's technology for document extraction and metadata will be seamlessly integrated into Box and these enhancements will enable customers to tackle a number of use cases and projects with wide-ranging benefits, such as:

• 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.

Pricing and Availability

Box expects to announce availability and pricing for new intelligent document processing capabilities at a later date. For more information on today's news, visit the Box Blog .

About Box

Box (NYSE:BOX) is the Intelligent Content Cloud, a single platform that enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

Source: Box, Inc.

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