Shares in SysGroup PLC (AIM:SYS, AQSE:SYS) surged 20% to 34.89p after the managed IT services and cloud hosting provider reported double-digit revenue growth and progress following its pivot to focus on supporting companies making forays into artificial intelligence (AI) and machine learning (ML).
In November, executive chair Heejae Chae said the company had embarked on a new strategy to provide “end-to-end solutions focused on AI and ML” with the hiring of a team of ML engineers from AWS, JP Morgan, Validus and McLaren in the first half of the year.
Today, it reported a first client has been won, “to support a drug discovery company on their AI data journey”.
SysGrop said its AI/ML offerings are “gaining momentum with a pipeline of opportunities with both new and existing customers”.
The major reshuffle of the board, which started in November, also continued with the appointment of Owen Phillips as chief financial officer, with Martin Audcent stepping down after five years in the role.
Phillips, who joins from cloud data integration specialist Matillion, will start on 11 March.