Intellinetics is like Iron Mountain for the digital age, offering both physical document digitization and powerful software to manage all enterprise content.

Intellinetics is like Microsoft SharePoint with integrated physical document scanning and robust records management for businesses and governments.

• IntelliCloud Platform: A flagship software suite designed for capturing and managing diverse document types, including image processing, records management, and workflow automation, often delivered as a Software-as-a-Service (SaaS).
• Document Conversion Services: Services encompassing digital scanning of physical documents, microfilm and microfiche conversion, and related scanning equipment provision and repair.
• Document Storage Services: Provides long-term physical storage options for paper, microfilm, and boxes, along with retrieval services.
• Implementation & Consulting Services: Professional services that include installation, integration, training, and consulting related to their software solutions.
• Software Maintenance & Support: Ongoing services ensuring the smooth operation and customer assistance for their software products.
• Business Process Outsourcing (BPO) Services: Outsourced management of specific business processes for clients.

Intellinetics (INLX) primarily sells its document services and software solutions to other companies, government entities, and institutions, rather than directly to individuals. While the background information does not provide the names of specific customer companies, its major customer categories include:

• Resellers
• General commercial businesses
• Federal, county, and municipal governments
• Healthcare organizations
• K-12 education institutions
• Public safety agencies
• Risk management firms
• Financial services companies
• Other public sector entities

Alison Forsythe, President & Chief Executive Officer

Alison Forsythe was appointed President and Chief Executive Officer of Intellinetics, Inc. effective February 17, 2026. She is a seasoned SaaS and enterprise software executive with over two decades of experience. Prior to Intellinetics, she served as CEO of Humanyze, an AI-powered workforce analytics platform. Previously, she was President of EverCommerce's Security & Alarm Division, where she led platform integration efforts and increased SaaS adoption. Earlier in her career, Ms. Forsythe led the transformation of a privately held, private-equity-backed ERP software division at Exact Software, where she drove double-digit revenue growth and increased EBITDA by over 20% year-over-year.

Joe Spain, CFO & COO

Joe Spain has served as Intellinetics' CFO since 2016. He also holds the title of Chief Operating Officer. He brings extensive experience from his previous roles at KPMG, Mettler-Toledo International, and nChannel, Inc. His expertise includes corporate treasury, sales and service operations, and acquisitions.

Matt Chretien, Co-Founder & Chief Strategy Officer

Matt Chretien is a co-founder of Intellinetics and serves as the Chief Strategy Officer. He is a strategic entrepreneur with over 20 years of experience in technology sales, consulting, and software product lifecycle management.

Ryan Bell, CTO

Ryan Bell is the Chief Technology Officer. Throughout his career, he has focused on using innovative technology to solve business problems. He has held various leadership roles, including CTO at SalesDay and CTO at YellowFolder, where he led the development team for nine years, contributing to YellowFolder becoming a leading solutions provider to schools.

Susan Dub, VP Finance

Susan Dub is the Vice President of Finance at Intellinetics. She has been a financial executive in the high-tech industry for many years, with experience in worldwide enterprise software development companies, midsize technology development organizations, and public accounting. Her expertise includes strategic financial management, corporate expansion, revenue growth planning, and mergers/acquisitions.

The key risks for Intellinetics (INLX) are:

1. Cybersecurity and Data Privacy Risks: Intellinetics provides document management and software solutions to highly sensitive sectors, including federal, county, and municipal governments, healthcare, K-12 education, public safety, and financial services. This involves capturing and managing various types of documents, including potentially sensitive and confidential information. A data breach, cyberattack, system failure, or failure to comply with evolving data privacy regulations (e.g., HIPAA, GDPR, CCPA) could lead to significant financial penalties, legal liabilities, reputational damage, and loss of customer trust.

2. Technological Obsolescence and Intense Competition: The document management and software solutions market is dynamic and highly competitive, with rapid technological advancements. Intellinetics' IntelliCloud platform and other software solutions must continuously evolve to remain competitive against new entrants and established players offering more advanced or cost-effective solutions. Failure to innovate, invest in research and development, or keep pace with technological changes could result in a loss of market share and revenue.

3. Dependence on Legacy Document Management Services: While Intellinetics offers modern digital document management, its services also include legacy options such as digital scanning, microfilm and microfiche, box storage, scanning equipment, and long-term paper and microfilm storage and retrieval. A significant portion of revenue derived from these older technologies could expose the company to risks associated with declining demand for such services as clients transition to fully digital solutions, potentially impacting the long-term sustainability and growth of this segment.

Intellinetics, Inc. operates within several addressable markets in the United States, primarily focusing on document management, document conversion, and business process outsourcing (BPO) services.

Document Management Software and Solutions

The market for Document Management Systems (DMS) in the U.S. was valued at approximately USD 2.17 billion in 2025 and is projected to reach USD 7.25 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 16.29% from 2026 to 2033. This market growth is driven by the increasing adoption of digital transformation initiatives across enterprises.

More broadly, the U.S. Enterprise Content Management (ECM) market, which encompasses document management, web content management, and workflow automation, was valued at USD 20,242.85 million (approximately USD 20.24 billion) in 2025. It is projected to reach USD 39,589.26 million (approximately USD 39.59 billion) by 2034, exhibiting a CAGR of 7.74% from 2026 to 2034.

Document Conversion Services

The U.S. market for document digitization services, which aligns with Intellinetics' document conversion offerings, was valued at USD 8.1 billion in 2024. This market is expected to grow to USD 11.7 billion by 2032, advancing at a CAGR of 4.9% during the period of 2025–2032. This growth is fueled by businesses' increasing efforts to optimize data management, meet regulatory demands, and reduce expenses through digital transformation.

Business Process Outsourcing (BPO) Services

The Business Process Outsourcing (BPO) market in the U.S. is substantial, with an estimated market size of USD 88.54 billion in 2026. North America, where the U.S. is a major contributor, held the largest share of the global BPO market, accounting for 36.62% in 2024 and valued at USD 112.81 billion.

Intellinetics (INLX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of Software as a Service (SaaS) Offerings, particularly Payables Automation: Intellinetics views its IntelliCloud Payables Automation solutions as primary drivers of SaaS growth. Management believes these solutions offer customers a quick return on investment and present a significant organic growth opportunity for SaaS revenue over the next several years. The company expects SaaS revenue to continue growing, with 2026 SaaS revenues projected to exceed those of 2025.
2. Targeted Penetration of the K-12 Education Market: A significant part of Intellinetics' growth strategy involves expanding its footprint in the K-12 education sector. The company has launched specialized SaaS solutions, including an AI-powered Intelligent Data Processing solution, designed to streamline administrative processes, such as automating AP invoice processing for school districts. Intellinetics has identified a substantial number of targeted prospects within this market through its K-12 partners.
3. Increased Investment in Sales and Marketing: Intellinetics is making strategic investments in its sales and marketing efforts to capitalize on emerging opportunities in the digital transformation space. These investments, which began in 2024 and continued into 2025 with the addition of key personnel, are anticipated to yield returns in late 2025 and beyond, driving strong sales growth into fiscal year 2026.
4. Growth in Document and Microfilm/Microfiche Storage and Conversion Services: The company is expanding its recurring revenue streams through its document and micrographics scanning services, as well as long-term paper and microfilm storage and retrieval options. Intellinetics has highlighted strong interest and preorder volumes in new microfilm and microfiche storage offerings, in addition to securing large microfilm conversion projects.
5. Integration of AI and Enhanced Development Capabilities: Intellinetics is investing in research and development, including the integration of artificial intelligence (AI) and machine learning technologies into its solutions. These efforts aim to automate processes, improve efficiency, and bring new features to market more quickly, supporting the company's goal of enhancing its offerings and exploring new ERP partnerships.

Share Issuance

• In April 2022, Intellinetics completed a private placement, issuing 1,242,588 shares of common stock at $4.62 per share, generating gross proceeds of $5,740,756. This was part of a combined private placement that also included $2,964,500 in 12% Subordinated Notes.
• The company sold 139,945 shares and 5,993 shares of common stock in the second and third quarters of 2025, respectively, through an At-the-Market (ATM) Program, resulting in aggregate net proceeds of $1,621,325. Approximately $8.2 million remained available under this program as of November 2025.
• In 2024, Intellinetics granted stock options to non-employee directors for 36,000 shares at an exercise price of $8.78 per share, and to employees for 14,500 shares at an exercise price of $10.12 per share.

Inbound Investments

• A private placement in April 2022 raised aggregate gross proceeds of $8,705,256 from accredited investors through the issuance of common stock and 12% Subordinated Notes.

Outbound Investments

• A portion of the net proceeds from the April 2022 private placement was utilized to finance the acquisition of Yellow Folder.
• The company has been making increased investments in sales, marketing, and infrastructure to accelerate sales and enable scalability, which is expected to reduce adjusted EBITDA in 2025 compared to 2024.
• Intellinetics prepaid all outstanding 2022 Notes in June 2025, having repaid debt principal of $4.96 million over the period since 2020.

Capital Expenditures

• Intellinetics anticipated capital expenditures for 2025 to be in the range of $350,000 to $450,000, primarily focused on enhancing its security environment.
• As of September 30, 2025, there were no material commitments for capital expenditures.