Longmont, CO June 1, 2011 - Parascript, LLC, the image analysis and pattern recognition technology provider, today announced that it has been awarded a multi-million dollar contract to automate the processing of parcels and bundled mail for The United States Postal Service (USPS) under its Automated Parcel Bundle Sorter (APBS) Optical Character Recognition (OCR) program.
Under the terms of the contract, Parascript will provide 191 OCR units for different USPS facilities throughout the United States. The Parascript APBS-OCR systems will provide recognition, arbitration, and connectivity services to the USPS APBS. Parascript technology will automatically locate and recognize destination addresses, optional endorsement lines and presort stickers on parcels and bundled mail, and will output finalized address information based on an address directory database.
"We are very pleased to have been selected by the USPS and to contribute to the success of the APBS program with our world leading address recognition technology. We are proud to have offered a unique solution with both machine-print and handwritten address recognition provided by a single vendor that far exceeded the USPS' requirements. This creates a great opportunity for increased efficiency, greater flexibility in system lifecycle management, and a better return on investment," said Alexander Filatov, president and chief technology officer for Parascript.
Parascript recognition software is also utilized by many postal agencies around the world such as Royal Mail, Deutsche Post, Russian Post, Poste Italiane, Posten, and TNT.
About USPS
We're everywhere so you can be anywhere: www.uspseverywhere.com.
A self-supporting government enterprise, the U.S. Postal Service is the only delivery service that reaches every address in the nation, 150 million residences, businesses and Post Office Boxes. The Postal Service receives no tax dollars for operating expenses, and relies on the sale of postage, products and services to fund its operations. With 32,000 retail locations and the most frequently visited website in the federal government, usps.com, the Postal Service has annual revenue of more than $67 billion and delivers nearly 40 percent of the world's mail. If it were a private sector company, the U.S. Postal Service would rank 29th in the 2010 Fortune 500. Black Enterprise and Hispanic Business magazines ranked the Postal Service as a leader in workforce diversity. The Postal Service has been named the Most Trusted Government Agency six consecutive years and the sixth Most Trusted Business in the nation by the Ponemon Institute.
About Parascript, LLCParascript delivers the world's best Image Recognition Engine. Employing patented digital image analysis, handwriting analysis and advanced pattern recognition technologies, Parascript improves important business operations in areas like forms processing, medical imaging, postal automation, and fraud prevention. The powerful Parascript engine processes over 100 billion imaged documents per year. Fortune 500 companies, postal operators, major government, and financial institutions rely on Parascript products, including the U.S. Postal Service, Böwe Bell + Howell, Fiserv, Elsag, Lockheed Martin, NCR, Siemens, and Burroughs. Visit Parascript online at http://www.parascript.com.
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Under the terms of the contract, Parascript will provide 191 OCR units for different USPS facilities throughout the United States. The Parascript APBS-OCR systems will provide recognition, arbitration, and connectivity services to the USPS APBS. Parascript technology will automatically locate and recognize destination addresses, optional endorsement lines and presort stickers on parcels and bundled mail, and will output finalized address information based on an address directory database.
"We are very pleased to have been selected by the USPS and to contribute to the success of the APBS program with our world leading address recognition technology. We are proud to have offered a unique solution with both machine-print and handwritten address recognition provided by a single vendor that far exceeded the USPS' requirements. This creates a great opportunity for increased efficiency, greater flexibility in system lifecycle management, and a better return on investment," said Alexander Filatov, president and chief technology officer for Parascript.
Parascript recognition software is also utilized by many postal agencies around the world such as Royal Mail, Deutsche Post, Russian Post, Poste Italiane, Posten, and TNT.
About USPS
We're everywhere so you can be anywhere: www.uspseverywhere.com.
A self-supporting government enterprise, the U.S. Postal Service is the only delivery service that reaches every address in the nation, 150 million residences, businesses and Post Office Boxes. The Postal Service receives no tax dollars for operating expenses, and relies on the sale of postage, products and services to fund its operations. With 32,000 retail locations and the most frequently visited website in the federal government, usps.com, the Postal Service has annual revenue of more than $67 billion and delivers nearly 40 percent of the world's mail. If it were a private sector company, the U.S. Postal Service would rank 29th in the 2010 Fortune 500. Black Enterprise and Hispanic Business magazines ranked the Postal Service as a leader in workforce diversity. The Postal Service has been named the Most Trusted Government Agency six consecutive years and the sixth Most Trusted Business in the nation by the Ponemon Institute.
About Parascript, LLCParascript delivers the world's best Image Recognition Engine. Employing patented digital image analysis, handwriting analysis and advanced pattern recognition technologies, Parascript improves important business operations in areas like forms processing, medical imaging, postal automation, and fraud prevention. The powerful Parascript engine processes over 100 billion imaged documents per year. Fortune 500 companies, postal operators, major government, and financial institutions rely on Parascript products, including the U.S. Postal Service, Böwe Bell + Howell, Fiserv, Elsag, Lockheed Martin, NCR, Siemens, and Burroughs. Visit Parascript online at http://www.parascript.com.
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