Boston, London, Bangalore, 9 Nov 2023

AntWorks, a leading provider of GenAI-powered Intelligent Document Processing (IDP) platform, has been ranked as a Horizon 3 Market Leader in the inaugural HFS Horizons: IDP Products, 2023 research led by David Cushman and Hridika Biswas of HFS Research. The report evaluated 26 different vendors, highlights AntWorks’ exceptional capabilities in driving a OneEcosystem™ approach and creating value across reducing costs, improving quality and consistency through automation in complex unstructured documents.

HFS analysis identifies AntWorks CMR+’s key differentiators as the single-platform IDP solution which combines OCR with AI, enabling citizen developers and partners to build their own end-to-end automations in processes involving unstructured documents.

The report identifies AntWorks’ strengths as:

  • A GenAI-enabled solution for enterprise clients, with specialized solutions for commercial insurance
  • Impressive CAGR of 12x since its inception
  • Extraction accuracy rate exceeding 90%
  • Positive client feedback praising AntWorks’ IDP expertise and the ease of use of CMR+, requiring limited training.
  • It’s partnerships with organizations like Pega, with a partner rating AntWorks as a top vendor.

Mike Hobday, CEO of AntWorks
, expressed his pride in the team’s achievements, stating, “Being recognized as a Horizon 3 Market Leader by HFS is a testament to our commitment to innovation and our ability to drive meaningful outcomes for our clients. Our OneEcosystem™ approach and the success of our CMR+ platform showcase our team’s dedication to providing cutting-edge solutions in IDP for enterprise customers.”

According to HFS, as a Horizon 3 Market Leader, AntWorks demonstrates:

  • The ability to drive a OneEcosystem™ approach, finding new sources of value and measuring business outcomes at the ecosystem level.
  • Strategy and execution capabilities at scale.
  • Well-rounded capabilities across all value creation levers: talent, domain, technology, and change.
  • Driving co-creation with clients and ecosystem partners.
  • Referenceable and satisfied clients driving new business models based on the partnership.


AntWorks has and continues to invest in the integration of GenAI capabilities in its upcoming releases and setting the course for further innovations in the IDP industry.

Read the report here.

About AntWorks:

AntWorks™ is the global leader in Intelligent Document Processing. We use proprietary Generative-AI technology to unlock, classify and digitise vital data in the full range of business documents. Our product, CMR+, understands and contextualizes information with unrivalled accuracy and minimal intervention. Designed for flexibility and ease of use, it processes hard-to-read, complex, ‘unstructured’ content, emails, contracts, reports, tables, images and handwriting.  

Founded in 2015, AntWorks has market presence in US and UK with a team of 100+ specialists. The company is rated highly by industry analysts and has Fortune 500 clients primarily in insurance and banking.