Xigem Technologies Corporation (CSE:XIGM, OTCQB:XIGMF), a technology provider for the remote economy, said its wholly-owned subsidiary Cylix Data Corporation has successfully entered the US market with multiple customer wins in the legal industry.
The Toronto, Ontario-based technology provider said the wins mark the first significant sales of Cylix's enhanced Business Risk Intelligence platform, which includes a more robust technology architecture with artificial intelligence capabilities to offer an intuitive and responsive new user experience.
"We are very excited to be advancing in the US market with our subscribers in the enormous legal services market," said Ezio D'Onofrio, president of Cylix Data Corporation, in a statement. "Our recent release and its speedy adoption by customers is a testament to the sustainable and differentiated products that Cylix offers to the market over the traditional labour-intensive approaches of securing business and risk intelligence. As a result, we expect to see our sales pipeline quickly fill up."
READ: Xigem’s Cylix Data Corporation to launch next generation of business risk product
Cylix customers in the legal industry are law firms specializing in litigation and their success depends on up-to-date mission critical information. Xigem noted that Cylix’s next-generation business risk profiling platform application is now bought as a “one-stop data shop” by its customers as they access a range of information throughout a variety of jurisdictions.
As a result, Cylix represents a considerable upgrade from the inefficient, multi-step process currently employed by the firms, said the company. In addition to saving time and money, Cylix subscribers also benefit from more accurate and more robust information as they optimize their legal actions.
Legal services revenue in the US is forecast at about US$349 billion by 2024, with government, labour law and trusts accounting for the three largest sectors, according to Statista. Within the legal industry, Cylix is being applied to cases ranging from personal injury to trusts and may also be a valuable tool in general diligence activities, noted the company.
The Cylix platform both originates and aggregates data from a wide range of sources to create a proprietary Business Risk Intelligence tool which employs more than 74 million continually refreshed data points. On February 15, the company announced the launched of its next generation Business Risk Intelligence platform with customizable search and reporting capabilities. In parallel, Cylix has been growing its roster of partners to further broaden its application.
Ongoing investment and technology enhancements currently underway are intended to strengthen the value of Cylix as a business intelligence platform, while expanding its addressable market into new sectors and geographies, said the company. The company pointed out that Cylix's data has already been trusted by hundreds of Canadian businesses to manage risks, prevent fraud, avoid supply chain disruptions, and make better decisions.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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