New portfolio company: Elute Intelligence Holdings
15 October 2019
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - new portfolio company Elute Intelligence Holdings
Frontier IP, a specialist in commercialising university intellectual property, today announces it is taking a 43% equity stake in Elute Intelligence Holdings Limited ("Elute" or the "Company"). The Company is developing novel software tools to intelligently search complex documents, such as patents and contracts, and to detect evidence of plagiarism, collusion and copyright infringement.
Elute is being formed from an existing UK business, CFL Software Limited ("CFL"), and will also include complementary intellectual property ("IP") developed by Frontier IP. In addition to the IP, the Group will also earn its equity by providing a range of commercialisation services, such as facilitating scale up and direct, hands-on support for technical development through its in-house development capability. No cash consideration has been paid by the Group for its equity stake in Elute.
The Company will build on CFL's current software technology to improve user experience and develop new applications for different markets.
The technology, based on computational forensic linguistics, compares and analyses documents to identify similarities between them by mimicking the way people read. It has been developed by CFL's founder David Woolls, an expert in forensic linguistics, who will continue to work for Elute. CFL's business development director Peter Fischer is joining the Elute board alongside Matthew White, Frontier IP's Chief Commercialisation Officer.
Peter has more than 20 years' experience in knowledge-intensive software solutions. He has formerly worked for Thomson Reuters and was EMEA regional director for US patent-translation company MultiLing.
Current CFL customers include the Universities and Colleges Admissions Service ("UCAS"), which is using a version of the software called Copycatch to detect plagiarism in students' personal statements. Others include academic institutions, commercial researchers and lawyers.
Peter Fischer, Director of Elute Intelligence Holdings, said: "CFL Software is already a leader in computational forensic linguistics. I am delighted to be working with Frontier IP to develop and expand the potential of our intelligent software tools."
Matthew White, Chief Commercialisation Officer of Frontier IP, said: "CFL Software's technology has many exciting possibilities and applications. We are very much looking forward to working with Peter and David to take it to the next level. Elute is another example of how our direct, hands-on can help our partners realise the potential of their technology."
Frontier IP Group Plc
T: 020 7332 2338
Neil Crabb, Chief Executive Officer
Andrew Johnson, Communications & Investor Relations
M: 07464 546 025
Group website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser)
T: 0203 328 5656
Nick Athanas / Nicholas Chambers
ABout frontier IP Group
Frontier IP unites science, finance and industry to build businesses based on outstanding research. It identifies strong intellectual property and accelerates its development through a range of commercialisation services. A critical part of the Group's work is involving relevant industry partners at an early stage of development to ensure technology meets real world demands and needs.
The Group looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, including support for fund raising and collaboration with relevant industry partners at an early stage of development.
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