Expert System Reports Strong Full-Year 2019 Results
MODENA, Italy, March 27, 2020 /PRNewswire/ -- The Artificial Intelligence company Expert System announced today that the Board of Directors just approved the Group's consolidated financial statements as of 31 December 2019.
Walt Mayo, Expert System Group CEO, said: "Expert System strong performance in 2019 is evidence of the strength of our team, the depth of our technology, and the value that our customers see in practical AI that works to solve real business problems. Across a range of industries, we demonstrated our unmatched experience in applying AI to the language of business to accelerate speed, handle scale, and augment insight for our customers. We worked as true partners with our customers by offering deep industry domain expertise through our people and technology. And in a world where AI is becoming increasingly complex, we brought an approach that puts our customers in charge with outcomes they understand and a platform they can shape to their needs.
We're extraordinarily excited about the opportunity ahead as more and more enterprises realize the value of applying our AI-based solutions to the explosion of language-based data. We will continue to focus relentlessly on developing practical, explainable AI that delivers value for our customers and that is informed with real-world insights about how businesses actually work and how people communicate through language. We will also continue to expand and simplify our reach with enhanced API's, scalable cloud offerings, and intuitive management tools. And we will build the depth and presence of our team to serve our customers' emerging needs and to grow rapidly across key markets, particularly in the US. Expert System is uniquely positioned to become the partner of choice for enterprises in this fast-growing segment of the AI market and we have the team and the technology that is equal to the opportunity."
Expert System 2020 highlights included:
The consolidation of the partnership with the Dutch banking group Rabobank that gradually increased the application of Expert System AI to the analysis of unstructured data.
The collaboration with Swiss Re that chose Expert System's artificial intelligence to manage "knowledge-intensive" processes
The new release of Expert System's AI-based Natural Language Understanding technology platform
A new key milestone for Expert System's R&D team thanks to inclusion in the prestigious publication "Semantic Web", which further confirmed the uniqueness of Expert System's approach based on the integration between machine learning and knowledge graphs
A relevant share capital increase reserved to a pool of private investors (entrepreneurs, managers and professionals), including Claudio Costamagna, Diego Piacentini and Francesco Caio.
The inclusion in the Gartner Magic Quadrant dedicated to Insight Engines, for the third year in a row
A first place overall in the "Insurance Solution Provider" category at the US "Transformation in Action" 2019 award
The sale of ADmantX, a company controlled by Expert System, to Integral Ad Science (IAS), a global leader in digital ad verification for an enterprise value of € 16,000,000 or 8X of the 2018 sales. Expert System's 60,7% share of the company was therefore valued € 7,098,009.
About Expert System
Expert System is a global leader in artificial intelligence applied to text. Its flagship platform provides a unique mix of natural language understanding and machine learning algorithms to help organizations bring human like comprehension of any kind of text to accelerate business processes, enhance knowledge discovery and improve decision making. Headquartered in Italy (EXSY:MIL), Expert System operates throughout Europe, the Americas, Canada and the Middle East across a vast range of sectors and use cases including content enrichment, customer care, compliance, third party risk mitigation and intelligence applications. It has cemented itself as at the forefront of the artificial intelligence sector working with global businesses such as AXA XL, Lloyd's of London, Zurich Insurance Group, Generali, Bayer, Bloomberg BNA, BNP Paribas, Rabobank, Dow Jones, Gannett, IMF and EBSCO.
1 Sales net of change in inventories
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SOURCE Expert System