TORONTO--(BUSINESS WIRE)--AnalytixInsight Inc. (ALY or the Company) (TSXV: ALY), a data analytics and enterprise software solutions company, is pleased to provide a corporate update to shareholders from recently appointed Interim President & CEO, Natalie Hirsch.
Since the resignation of Prakash Hariharan as CEO and Chairman of the Board of the Company, and the subsequent appointment of Ms. Hirsch as ALY's interim president and chief executive officer, the organization has entered a transformative period with several new initiatives which we anticipate will unlock shareholder value.
Management of the Company is currently in the process of implementing a plan initially proposed by ALY's new chairman, Vince Kadar, that is intended to create revenue and drive shareholder value expeditiously. The first task was to commence an organizational analysis that considered the performance and achievements of the Company since 2016.
We believe that we are currently at a pivotal moment in our Company's history, stated Hirsch. Firstly, I am committed to establishing a regular, open and honest flow of ALY's business performance information to all stakeholders. Secondly, we are moving quickly towards a rejuvenated business plan that we anticipate will see us refocus our resources while pursuing multiple avenues of recently identified growth opportunities for the Company.
To date, the Company has been defined through three business segments. A review of each is included below:
CapitalCube
CapitalCube was designed to be an AI-driven content supplier with the ability to offer scalable machine-created analyst research content on 50,000 worldwide stocks and North American ETFs, allowing qualified users to make more informed investment decisions.
As part of our review of CapitalCube, ALY completed an intellectual property report which led to the conclusions that CapitalCube has unique, competitive and defendable intellectual property. Currently, CapitalCube's revenue is limited to three enterprise clients and a limited number of retail users. We believe this represents a material opportunity to significantly grow sales to new users, predominantly in the B2B or B2B2C sector. In addition, ALY has launched a market validation exercise to evaluate and understand the size and scope of the opportunity within Canada and the United States.
Previously, the CapitalCube division had no sales functions or dedicated staff who could advance market penetration efforts. We recently onboarded a sales lead whose early market outreach appears to be generating immediate interest in new sales opportunities for the CapitalCube product. Preliminary feedback from our efforts suggests that with some technical optimization, the outlook over the medium and long-term is positive to license our product functionalities (white label or APIs) and we look forward to advancing this opportunity.
Euclides Technologies Inc. (Euclides)
Euclides is a field service management software business, focused on providing professional services. The software keeps track of mobile field workforce operations. Components typically include inventory management, vehicle tracking, scheduling and workflow optimization. The comprehensive review of Euclides immediately signaled that there has been a cost and revenue imbalance at Euclides for the past few years, especially since no new intellectual property had been developed in the recent past. Based on our evaluation, the outlook for Euclides simply cannot compete with the return potential offered by our other business lines over the short, medium or long-term. As such, we have already taken steps to streamline operations and reduce the associated overhead. We intend to continue to assess potential future opportunities regarding product development or other value creation avenues in this area.
MarketWall S.R.L. (MarketWall)
ALY is pleased to announce that Ms. Hirsch has been appointed by the Company to serve on the board of directors of MarketWall, which follows Prakash Hariharan's resignation from the position.
Vince Kadar, Board Chair of ALY, stated, I welcome the fresh perspective that Natalie will bring to MarketWall's board, which I expect will help the Company realize value from its investments.
MarketWall, a developer of fintech solutions for financial institutions in Italy, is an Italian company in which ALY holds a 49% equity interest. MarketWall also wholly owns InvestoPro SIM, which is a duly licensed online financial broker in Italy.
Over the past several years, MarketWall has announced numerous new business relationships, including with well-recognized names such as Samsung (KS:005930) and Morningstar. However, it should be noted that ALY's rights with respect to MarketWall are limited to those of a minority shareholder, which includes a right by ALY to appoint one of its three board members. Consistent with our approach in evaluating CapitalCube and Euclides, we have undertaken a full review and assessment of the Company's investment in MarketWall to maximize shareholder value, which we anticipate will include exploring short-term business opportunities between ALY, MarketWall, and Intesa (LON:0HBC) SanPaolo.
Conclusion
While we strongly believe that ALY's foundational building blocks are in place to reinvigorate our business strategy, we anticipate challenges ahead. However, we also see opportunities to optimize our business, build shareholder confidence and create stakeholder value.
The ALY Board of Directors has entrusted me with leading this Company into a new era of value creation potential marked by a commitment to ethical conduct, transparent disclosure, organizational performance and robust corporate governance, stated Natalie Hirsch. You can expect more frequent, transparent and meaningful shareholder communications and I invite our shareholders to contact me for an open dialogue, subject to applicable laws. In the near term, we also plan to update our investor collateral, including the corporate presentation and website, where you can sign-up for news alerts to stay apprised of ALY's progress and activities.
About AnalytixInsight Inc.
AnalytixInsight is a data analytics and enterprise software solutions provider. AnalytixInsight develops and markets cloud-based platforms providing financial content, company analysis and stock research solutions to the financial services industry. ALY holds a 49% interest in MarketWall S.R.L., a developer of fintech solutions for financial institutions in Italy.
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 Company's future performance and new plans and initiatives, including their anticipated results, as well as the Company's ability to overcome challenges and effectively refocus and optimize resources, identify, assess, and pursue business opportunities, realize value from its investments, build shareholder confidence and create stakeholder value. 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 the Company, 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; risks related to protecting and developing the Company's technology and its revenue generation potential; risks associated with operation in the technology sector; the Company's ability to successfully develop and/or integrate new technologies; foreign operations risks; risks associated with negotiating and formalizing new business relationships, particularly with MarketWall and Intesa SanPaolo; and other risks inherent in the technology industry. Although ALY 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. ALY does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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Natalie Hirsch
Interim CEO
(647) 955-2933
natalie.hirsch@analytixinsight.com
Source: AnalytixInsight Inc.