Ephesoft, a developer of software that helps companies manage documents, is naming founder Ike Kavas as CEO.
Kavas, who is the company’s chief technology officer, will take the position Dec. 15. He is replacing Don Field, who is retiring as CEO. Field will remain on the board.
The move follows Ephesoft receiving $15 million in venture capital funding for a minority stake three months ago. The money is earmarked to help finance significant expansion.
Plans for big customer growth
Kavas told FierceCEO that Ephesoft, which now has 550 customers, aims to have over 5,000 two years from now. The company focuses on three industries: financial, especially mortgages, insurance and the federal government. Clients include the U.S. Marines, the Internal Revenue Service, ABN Amro and Esurance.
Ephesoft’s cloud platform allows organizations to automate and streamline invoices, mailroom processes, personnel files, medical records, insurance claims, mortgage documents and other document-based business processes.
“We have transformed an under-innovated industry through machine learning and artificial intelligence technologies to deliver a web-based, SaaS platform that enables a broad range of industries to not only capture but also extract vital intelligence from previously unstructured and idled content,” said Kavas.
Significant money is being spent on marketing, which Ephesoft did very little of before, as the company wants to bring new products to new markets. Ephesoft also wants to introduce new technologies.
A challenge Kavas is facing is “trying to change the pace of the company to make it more responsive to our growth.”
Kavas is an immigrant-makes-good story. He arrived in the U.S. from Turkey 16 years ago with $100 in his pocket. His first job was as a systems integrator for Xerox. He left to start a document processing business, then joined Kofax, his main competitor today.
Ephesoft has been profitable for the last 5 of its 7 years. Revenue last year was $15 million and the company is on pace for $25 million this year, Kavas said.
Kavas runs the company according to four primary values:
- Employee Empowerment: Ephesoft is a place where everyone grows and learns new skills.
- Corporate Playbook: This includes how we conduct our business in marketing, customer satisfaction and data driven decisions. It’s another way of saying we are all working together in a strategic coordinated manner.
- Vision and Delivery: All employees communicate the same reason why we exist and follow our mission.
- Customer and Partner Success: We must build the software our customers need, and use our ecosystem to multiple our distribution channel. Their success is our success.