Xigem Technologies Corporation has announced further details of its plans to integrate a proposed acquisition of business intelligence company 2747524 Ontario Inc., which operates as Cylix Data Group, with its existing iAgent and FOOi technology.
Xigem said the integration of these patented technologies would create a seriously robust platform designed to capitalize on the growing multi-billion dollar Big Data market.
Xigem’s fundamental strategy is to aggregate a portfolio of innovative and disruptive technologies to help organizations thrive in today’s remote economy. Cylix, with a proprietary database holding more than 74 million continually refreshed data points, is poised to become one of the leading aggregators and originators of corporate and personal data in the Big Data market.
READ: Xigem Technologies inks letter of intent to acquire Cylix Data Group for C$32.4M in all-stock deal
But the exponential growth of data in the remote economy creates both opportunities and challenges for the businesses that must navigate it.
According to Research and Markets, the global market for Big Data was estimated at US$70.5 billion in 2020, and is projected to reach US$243.4 billion by 2027, spurred on in large part by the ramifications of the COVID-19 pandemic.
The segment in which Cylix currently competes, the global fraud detection and prevention market, was estimated at US$19.8 billion in 2019 and is expected to grow to US$106.7 billion by 2027, exhibiting a compound annual growth rate of 24% during the forecast period.
Xigem said it expects Cylix to become the fundamental platform that unifies the data across the company’s other core technologies.
The integrated offering will provide users of Xigem’s iAgent SaaS-based CRM platform and its FOOi payment platform with instant access to streamlined information about current and potential customers and business partners.
For example, Xigem noted that users of iAgent may be able to mitigate fraud risk when selecting goods and services providers, while users of FOOi will be able to use Cylix’s risk scoring and other data points to identify high-risk transactions in real-time, all potentially adding valuable selling features and cross-pollinating income sources for Xigem.
“Cylix is more than just an addition to our portfolio. We plan to integrate it with our existing technologies to create a dominant platform empowering users to harness the multitude of data available to them,” said Xigem CEO Brian Kalish in a statement.
“Businesses and consumers that use data to make better decisions and improve their productivity will have a tremendous competitive advantage over those that do not, and we will strive to be the technology provider helping to deliver those results.”
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Story by ProactiveInvestors
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