Workflow automation vendor Nintex today revealed it will acquire Kryon, a robotic process automation (RPA) and process discovery provider.

The Tel Aviv, Israel-based Kryon targets the financial services and banking industry with its robotic process automation solutions, with clients including Microsoft, Allianz, DXC Technology and an unnamed “global bank” that leverages its bot product to monitor regulatory compliance sites.

Financial details of the agreement were not disclosed, but Nintex CEO Eric Johnson told Bank Automation News that Kryon RPA will become Nintex’s next-generation RPA capability, which means Kryon customers will not need to migrate.

“Nintex acquired Kryon, a pioneer in automated process discovery and a recognized top 5 RPA leader, to meet our Nintex customer and community demands for process discovery technology and more advanced automation capabilities within our platform,” Johnson said. “This acquisition also expands Nintex’s total addressable market and makes us a bigger, more formidable competitor in the intelligent process automation market.”

Kryon’s process discovery technology and more advanced RPA offerings will be integrated into the Nintex Process Platform. Nintex will continue to sell and support Nintex RPA “for years to come as we have great customers across industries using Nintex RPA for a range of use cases,” Johnson told BAN.

Nintex RPA customers include $8.3 million Seacoast Bank, $5.6 billion Happy State Bank, $334.3 million Ashland Credit Union and $6 billion First Mid-Illinois Bank & Trust.

Process discovery and process mining have emerged as key enablers to achieving value with automation. Kryon’s process discovery technology was a major factor in the deal, Johnson said.

“With Kryon’s process discovery technology, organizations are equipped to automatically identify repetitive work processes, visually map the main path and variants of any given process, evaluate the suitability of the process for automation, and instantly generate workflows,” he said.

Kryon’s RPA offering allows organizations to deploy both attended and unattended RPA bots to generate fast return on investment, Johnson added, noting that the vendor’s artificial intelligence-based and full-cycle RPA is ranked as a leader by industry analyst firms including Forrester and IDC.

Nintex will acquire the Kryon team, although Johnson did not disclose how many employees are included. After the acquisition, Nintex will have sales north of $275 million and more than 900 employees worldwide, Johnson said. The Bellevue, Wash.-based company also will take ownership of Kryon’s five patents in computer vision and machine learning technologies.

Kryon has between 50 and 100 employees, according to Crunchbase, and has raised a total of $68 million in funding over four rounds. The company’s latest series D round closed April 20, 2021.

Nintex, also a privately held company, has raised a total of $135 million in funding over three rounds, with the last round closing Nov. 13, 2019, Crunchbase reported.

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