TORONTO, May 28, 2020 (GLOBE NEWSWIRE) — Artificial Intelligence company, AnalytixInsight Inc. (“AnalytixInsight”, or the “Company”) (TSX-V: ALY; OTCQB: ATIXF), reports its financial results for the first quarter ended March 31, 2020.
HighlightsAnalytixInsight continued to advance its CapitalCube AI-driven research distribution agreement with Refinitiv to provide research coverage on approximately 3,000 dividend-paying companies in Canada, US, and UK. Report readership increased strongly during the quarter, more than triple the previous year, as users rapidly embrace the use of AI in fundamental financial analysis.AnalytixInsight expanded its Workforce Optimization initiative and is actively sourcing new opportunities that are emerging because of COVID-19 impacts on certain industries.AnalytixInsight named a top 10 performing technology company in the 2020 TSX Venture 50™. FinTech subsidiary, MarketWall, made additional investments in its operations and advanced developments of its stock-trading platform in preparation to become a European online financial broker, following regulatory approvals.MarketWall’s JV partner, Intesa Sanpaolo, reported strong online digital channel usage during the quarter, and the Company expects MarketWall will benefit from the surging new trend toward online channels caused by the COVID-19 pandemic.AnalytixInsight’s revenue for the quarter ended March 31, 2020, was $0.6 million and net loss was $0.5 million.MarketWall’s revenue for the quarter ended March 31, 2020, was $1.3 million, and net income was $0.25 million. (MarketWall is 49% owned by AnalytixInsight and not consolidated in AnalytixInsight’s financial results).Management CommentaryPrakash Hariharan, President & CEO of AnalytixInsight, commented: “We continue to advance our core strategic initiatives, and we are well aligned to capitalize on the major trend shift toward online channel use. Our subsidiary, MarketWall, is investing in technology and resources in preparation to become a European online financial broker and we eagerly await regulatory approvals.”AnalytixInsight Selected Annual Financial Information:MarketWall Selected Financial Information:AnalytixInsight owns 49% of MarketWall which is considered an associated company as its financial results are not consolidated in AnalytixInsight’s financial results.CapitalCubeAnalytixInsight is an established AI-driven content supplier to Refinitiv with ability to provide content on small & mid-cap companies worldwide through its CapitalCube platform, which provides machine-created content with ability to scale. The platform is a powerful analytics engine capable of 100 billion daily computations and currently provides analysis on approximately 50,000 worldwide stocks and North American ETFs.The Company entered an AI-driving research distribution agreement with Refinitiv in 2018 to provide machine-created research on pre-revenue North American companies. This strategic initiative was expanded to include reports on pre-revenue companies in Italy, Germany, Hong Kong, and Japan, and to include dividend analysis reports on approximately 3,000 companies in Canada, the US and the UK. CapitalCube’s dividend analysis report provides powerful insights, analysis and scoring regarding a company’s dividend quality, yield, coverage, flexibility, payment history, peer comparisons and sustainability. Report readership during the quarter was more than triple the previous year, as users rapidly embrace the use of AI in fundamental financial analysis.AnalytixInsight is pleased to be an AI-driven content provider to Refinitiv and believes that its ability to create scalable financial content on worldwide companies is being recognized with increasing importance as global industry leaders embrace analytics within the financial industry. On August 1, 2019, the London Stock Exchange agreed to buy Refinitiv in a US$27 billion transaction to create a global financial markets infrastructure provider with leading data and analytics to Refinitiv’s 40,000 institutions in over 190 countries.Workforce OptimizationAnalytixInsight’s Workforce Optimization division joined the IFS Partner Network in 2018, and the Company is advancing its sales initiatives in this market. IFS is a world leader in developing workforce optimization enterprise software for global customers who manage service-focused operations. AnalytixInsight plans to explore opportunities with IFS to jointly develop machine intelligence solutions to help organizations maximize operational efficiency, increase revenue, reduce costs, and improve customer satisfaction.The COVID-19 pandemic has disrupted many North American businesses and is disrupting the traditional operations of service-based organizations. They are now seeking innovative solutions for field dispatch, job tracking, and workflow efficiency. Data analytics plays an important role in this shift, which is more easily enabled now that most service technicians use digital-based solutions.The Company’s Workforce Optimization division is a highly skilled systems integration team and the Company will apply an increased focus on this initiative with new solutions and strategies that are emerging as a result of COVID-19.MarketWallMarketWall (49%-owned by AnalytixInsight) develops and sells FinTech online digital solutions for major financial services firms. The Company believes the need for online banking and online trading platforms will increase because of consumer behavior shifts caused by the COVID-19 pandemic and expects MarketWall’s business will additionally benefit from this trend shift.MarketWall developed “Investo” which is the stock-trading component of the Intesa Sanpaolo App, ranked top 4th App in Europe by Forrester Digital Wave. During the first quarter, Intesa Sanpaolo reported an increase of approximately 300,000 App users to 5.8 million. The bank also reported a 60% increase in Market Hub trading orders during the quarter. Market Hub will be the execution broker for MarketWall’s European online financial broker in Europe, following regulatory approvals.MarketWall has applied to become an online financial broker in Europe and following completion of regulatory approvals, MarketWall expects to initiate a valuation process to determine its appropriate valuation within a peer-based context of online brokerage firms with partnerships with world-leading banks. Completion of this process will allow AnalytixInsight to move forward with a spinout to unlock the value of its MarketWall holdings in an IPO or other such strategies.MarketWall has developed and launched leading-edge FinTech solutions which include financial portal www.marketwall.com which offers financial content, news, real-time quotes, and video news stories, drawing an audience of over 2 million monthly views across its digital channels. As a Samsung Electronics partner, MarketWall’s financial app is pre-loaded on certain devices such as Smart TVs.MarketWall has also developed GlobalMarket, a trading & research platform offering analyst research and stock-trading in one common enterprise digital platform. It is marketed and sold by a leading investment research provider and has already been installed by a leading bank in Western Europe for their approximately 4,000 professional users.Intesa Sanpaolo owns 33% of MarketWall and is one of the top banking groups in Europe with approximately 11.8 million customers and approximately 3,700 branches throughout Italy. It has emerged as Italy’s first digital bank and is investing 2.8 billion euros in a strategic plan to increase the bank’s digitized business to 70%, with mobile being at the heart of the digital ecosystem. S&P Global ranks Intesa Sanpaolo as the 27th largest bank in the world by total assets.Complete details of the Company’s financial and operating results are available under the Company’s profile at www.SEDAR.com.
CONTACT INFORMATION:Scott Urquhart
VP Corporate Development
[email protected]
Tel: (416) 522-3975ABOUT ANALYTIXINSIGHT INC.AnalytixInsight Inc. is an Artificial Intelligence, machine-learning company. AnalytixInsight’s financial analytics platform 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. AnalytixInsight also designs and implements Workforce Optimization solutions for large global enterprises. AnalytixInsight holds a 49% interest in MarketWall, a developer of FinTech solutions for financial institutions. For more information, visit AnalytixInsight.com.Regulatory StatementsThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the impact of COVID-19 on the Company’s operations; the Company’s financial results; the adoption of AI in various industries; the Company’s ability to spin out or monetize it’s interest in MarketWall, the valuation of MarketWall, MarketWall’s ability to raise adequate capital, MarketWall’s ability to obtain a brokerage licence; the use of the Company’s content by various parties; the impact of the distribution agreement with Refinitiv; the Company’s ongoing relationship with IFS and the Company’s ability to enter into commercial transactions with members thereof; the Company’s ability to expand its content distribution; and the Company’s future performance. 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 statements 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 THE 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
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