The document management company that calls itself the "No. 1 replacement for Adobe Acrobat" has acquired a document analytics company.
San Francisco-based Nitro Software acquired DoxIQ, a Palo Alto, Calif.-based graduate of Stanford’s StartX accelerator.
The accelerator is a nonprofit that helps Stanford students in their startups through mentorships, money and education. Michael Feng and Max Cantor co-founded DoxIQ last year. Their technology converts marketing documents into web assets.
"Enterprises need insights into document activity and content," Nitro founder and CEO Sam Chandler told CMSWire. "On the activity front, this is all about who has received, read, signed or approved a document."
Nitro found DoxIQ to be a great fit because of its commitment to analytics.
Feng of DoxIQ said the team "saw a huge gap in the market for business document analytics akin to what Google provides for web traffic. Being part of Nitro will allow us to fulfill our shared vision for using machine intelligence to make working with documents more pleasant and productive.”
Nitro will transition DoxIQ customers to its document sharing and e-signature product, NitroCloud.
Feng will lead Nitro’s product management team. Cantor, DoxIQ’s co-founder and chief technology officer, will lead Nitro’s research and development team. Terms of the acquisition were not disclosed.
Chandler said the Nitro capabilities will allow users to modify content, mark content that includes sensitive material, approve language in the document and search and organize documents based on the content. It will also extend Nitro’s ability to deliver Smart Documents to customers, he said, adding:
"Smart Documents provide individuals insight into document workflows such as, who has viewed specific parts of a document, how often parts of a document have been viewed, and to set auto-notifications on certain changes in the document. This simplifies and accelerates the document collaboration, approval, and signing for individuals."
Nitro closed a $15 million financing round last November with US venture capital firm Battery Ventures, bringing its total funding to $21.6 million.
Adobe Weighs In
And what of that claim it's the "No. 1 alternative to Adobe Acrobat"? Chandler told CMSWire that's anecdotal, but he boasted that Nitro has been providing a substitute for Acrobat for 10 years and has more than 500,000 companies as customers.
Julianne Rowe, spokesperson for Adobe, declined comment regarding Nitro's announcement. But she did share material on the Adobe Document Cloud (Adobe DC), which launched this year, including:
- Advancements to Document Cloud eSign services including breakthrough workflow automation, digital signatures and new global data centers, along with new mobile functionality such as enterprise mobility management, signature capture and signature sync.
- A partnership with Dropbox, Adobe Document Cloud's first file sync and share partner. More than 18 billion PDFs are stored in Dropbox today, according to Adobe.
- New Acrobat DC advancements include tabbed viewing and more “Photoshop magic” with camera-to-PDF conversion.
Adobe further claims:
- Acrobat and Acrobat Reader are used on more than one billion desktops and mobile devices worldwide
- 50 billion PDF files were opened in Adobe products in the past year
- There are 400,000 mobile installs per day of Acrobat Reader
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