TORONTO, ON – May 30, 2017 – Artificial Intelligence company, AnalytixInsight Inc. (the “Company” or “AnalytixInsight”) (TSX-VENTURE: ALY) reports strong first quarter results on the back of continued growth in the business operations of its subsidiaries. Key highlights:
- The Company’s revenue for Q1 2017 (excluding Marketwall) was CAD$0.33M as compared to CAD$0.19M for the same period in the previous year.
- Marketwall’s revenue for Q1 2017 was CAD$0.78M compared to revenue of CAD$0.30M for Q1 2016.
- The Company completed the previously announced acquisition of certain assets of Euclides Technologies, Inc. ("Euclides") relating to Euclides’ field service management integration business during the quarter. The Company believes this transaction is financially accretive to its shareholders. Euclides generated approximately CAD$5 million of revenue during 2016 and has an order backlog at the end of Q1 2017 of approximately CAD$1.6 million. The Company began integrating the acquired Euclides assets into its business on March 16, 2017 and expects this acquisition to materially contribute to the consolidated revenues going forward.
- EPS for Q1 2017 was CAD$(0.01), same as for Q1 2016.
- CapitalCube has entered into a licensing partnership with Euronext to provide its high quality financial research to Euronext, the leading pan-European exchange in the Eurozone.
Selected Financial Information
Three months ended March 31, 2017 (unaudited)
Three months ended March 31, 2016 (unaudited)
(Associated Company, 49% owned, non-consolidated)
CapitalCube averaged approximately 2 million user sessions per month through various distribution channels. During the quarter, CapitalCube initiated reporting and analysis of micro-cap and pre-revenue companies publicly listed in North America as well as analysis of ETFs based on the performance of all underlying constituents – a first of its kind.
CapitalCube has begun custom delivery and integration of its content under its licensing partnership with Euronext NV (“Euronext”). Under the terms of the partnership, the Company’s CapitalCube portal will deliver value added financial analysis and content, including key ratios and charts, on Euronext listed companies to Euronext’s website and mobile apps. Euronext will also market and sell CapitalCube’s professional subscription licenses to various brokers, financial institutions and listed corporations in Europe. The market launch of this partnership is expected during the second quarter of 2017.
Pursuant to the Company’s previously announced strategy, the Company deconsolidated Marketwall as part of the integration of Marketwall’s mobile business with Intesa Sanpaolo S.p.A. (“Intesa Sanpaolo”). The Company and Intesa Sanpaolo expect to spin out Marketwall after the integration with Intesa Sanpaolo, which is expected to be completed during the second half of 2017. The completion of this integration is expected to result in the migration of over eight million retail banking customers of Intesa Sanpaolo to Marketwall. Marketwall will also be the exclusive mobile platform for Intesa Sanpaolo’s retail banking customers in six countries.
Marketwall generated revenue of CAD$0.78M for Q1 2017 compared to CAD$0.30M in Q1 2016.
In Q1 2017, the Company completed the previously announced acquisition of certain assets of Euclides Technologies, Inc. ("Euclides") relating to Euclides' field service management integration business (the "Euclides Transaction"). Euclides is an expert Systems Integrator and consulting partner for field service management solutions and has touch points to over 100,000 field service personnel. Euclides had revenues of approximately CAD$5 million in 2016. The order backlog continues to grow and stands at CAD$1.6 million as of March 31, 2017, which is on track with expectations.
AnalytixInsight's machine learning platform and artificial intelligence capabilities are well suited to serve today's analytics and scheduling requirements within the Field Service Management (“FSM”) industry. The FSM industry is a growth industry which is projected to double in size by 2020 (according to Markets and Markets, an industry research firm). The FSM industry is being shaped by trends such as the Internet-of-Things, which generates data, and workflow-analytics tools which can deliver predictive analytics, enhanced auto-scheduling, improved work order management and skills-based dispatching.
Prakash Hariharan, President & CEO, commented: "We are very pleased with the Company’s progress during this first quarter. We continue to advance our machine-learning platform and are pleased with the content we deliver to sophisticated financial users globally. The Euclides acquisition provides the foundation for us to develop workflow analytics solutions, and we look forward to advancing our artificial intelligence capabilities in this industry."
For further information relating to AnalytixInsight Inc., please contact Scott Urquhart, VP Corporate Development, at (416) 522-3975.
On behalf of the Board of Directors of ANALYTIXINSIGHT INC.
Prakash Hariharan, Chairman
ABOUT ANALYTIXINSIGHT INC.
AnalytixInsight Inc.'s artificial intelligence platform transforms data into narratives. The Company’s online portal CapitalCube (www.capitalcube.com) algorithmically analyzes market price data and regulatory filings to create insightful, actionable narratives and research on approximately 50,000 global companies and ETFs, providing high-quality financial research and content for investors, information providers, finance portals and media.
The Company holds a 49% interest in Marketwall (www.marketwall.com), a mobile platform for banking and stock trading. The Company owns Euclides (www.euclidestech.com), a workflow analytics systems integrator.
For more information about AnalytixInsight visit www.analytixinsight.com.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Company’s ability to integrate the assets of Euclides; the Company’s ability to apply its platform to different business verticals; the growth of the Company’s business operations; the licensing revenue stream to be received by the Company; the use of the Company’s content by various parties; the ability to spin-out Marketwall, the impact of the deconsolidation of Marketwall, the licensing partnership with Euronext and the use by certain parties of CapitalCube and Marketwall App. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AnalytixInsight Inc., as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the Company’s technology and revenue generation; risks associated with operation in the technology sector; ability to successfully integrate new technology and employees; foreign operations risks; and other risks inherent in the technology industry. Although AnalytixInsight has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. AnalytixInsight does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.