– Partnership to create unique data and analysis to benefit financial market participants
– Marks foray into the enterprise B2B space with an established partner in the XBRL space
– Seek to acquire 30% equity ownership in Iris
TORONTO, ONTARIO–(Marketwired – Oct. 27, 2014) – Big data analytics company AnalytixInsight Inc. (the “Company” or “AnalytixInsight”) (TSX VENTURE:ALY) is pleased to announce that it has signed a non binding memorandum of understanding with IRIS business Services Ltd. (“Iris”) to form a strategic partnership (“Partnership”) to service clients and explore business opportunities in the financial data analytics space. The Partnership is subject to fulfillment of certain conditions including a definitive agreement to close the transaction. Under the Partnership, the two companies will:
- Create and market a range of unique and proprietary data sets and data driven insights based on company disclosures ranging from earnings releases, conference calls and financial statements and other related regulatory filings.
- Leverage Iris’ expertise in the XBRL domain that includes filings for several thousand publicly traded companies and provide value added analytics through AnalytixInsight’s unique big data analytics platform and established distribution channels.
- Analytixinsight will seek to acquire 30% of the equity ownership in Iris, subject to diligence, approval by the respective Boards of Directors of both parties, shareholder approval, if necessary, and any regulatory approvals required, including, but not limited to, TSX Venture Exchange approval.
“This is a great partnership for AnalytixInsight to grow its big data analytics platform in the B2B space. Iris has approximately $12 million (CAD) in revenues today and revenues are poised to increase next year. The XBRL space has seen plenty of activity in recent times and is expected to grow significantly in the next few years on the back of changing regulatory requirements for reporting standards for issuers. This partnership is accretive to AnalytixInsight and will provide a boost to top line revenues as well as a strong, strategic fit to our product and business development in the predictive analytics space. Based on current trends and indications, AnalytixInsight is expected to do about $5-$6 million (CAD) in revenues with our B2B partnerships next year and a partnership in the XBRL business will help us achieve that. We hope to follow this announcement with other strategic partnerships and joint ventures in the growing B2B space for Analytixinsight,” said Prakash Hariharan, Chairman of AnalytixInsight.
Iris is a leading full service XBRL software, services and solutions provider. The Company has over twelve years of proven expertise in the financial information management space, providing customized technology solutions for data and content management, for the dissemination of information to investors and stock exchanges, and for effective content management to institutional clients. Iris supports content requirements for institutional clients as well as retail clients globally. The content solutions range from raw data provision, filings platform to newsletter creation and research support. Iris is headquartered in Mumbai, India with international offices in United States, Singapore, United Kingdom, and the UAE.
Chaith Kondragunta, CEO of AnalytixInsight, commented, “Iris’ capabilities in data generation and content management will provide an immediate benefit to further expand our platform capability – for example our recently announced analysis around corporate earnings press releases will have synergies with Iris’ capabilities in providing much deeper and faster earnings announcement data than anyone else. We also see a lot of synergies in our respective customer bases as well the ability to distribute unique data from Iris globally through our online and mobile products where we already have thousands of users.”
The signing of the memorandum of understanding marks another significant milestone in AnalytixInsight’s high growth strategy of building unique financial and non-financial content of its Big Data Analytics engine, and to drive greater penetration of this content through institutional, online and mobile channels.
On behalf of the Board of Directors of ANALYTIXINSIGHT INC.
Prakash Hariharan, Chairman
ABOUT ANALYTIXINSIGHT INC
AnalytixInsight Inc’s technology platform helps transform data into narratives. The Company’s online portal www.capitalcube.com and mobile platform Marketwall (www.marketwall.com) provide high-quality financial research and content for investors, information providers, finance portals and media. The Company’s disruptive technology algorithmically analyzes market price data and regulatory filings to create insightful, actionable narratives and research on approximately 50,000 global companies and ETFs – all available as a cloud-based, SAAS offering. This platform capability is extensible to other asset classes and sectors to generate insightful research reports.
CapitalCube and Marketwall have existing business relationships with leading global financial and media institutions. For more information about CapitalCube visit http://www.capitalcube.com. For more information about Marketwall visit http://www.marketwall.com.
Regulatory Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the signing of the memorandum of understanding with Iris; the future revenues and growth of the Company; the proposed partnership with Iris; the acquisition by Iris of an equity interest in Iris; launch of new products; growth of the Company’s business operations; the use of the Company’s content by various parties; 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.
AnalytixInsight, Inc.
Abha Dawesar
646.435.1561
Kin Communications
Freddie Leigh
604.684.6730
Source: Marketwired (October 27, 2014 – 8:00 AM EDT)
