ROCKVILLE, Md., May 23, 2019 /PRNewswire/ — Expert System announced plans to accelerate its expansion in the United States, after raising $7.8 Million in new capital. The funds were raised by means of a capital increase offered up for subscription to a pool of private investors including Claudio Costamagna, Diego Piacentini, and Francesco Caio.
With its EBIDTA growing more than 300% over the past year, and recurring licenses now representing 72% of revenue, Expert System confirmed the solid positioning of its Artificial Intelligence platform, Cogito®, in the intelligent process automation and knowledge discovery markets. Now, with strong commitments to Publishing & Media and Intelligence & Law Enforcement, and a growing focus on Insurance and Banking, Expert System is positioning itself for further growth by strengthening its sales & marketing operations, and consolidating strategic alliances with Robotic Process Automation players and other AI-related platforms.
“Momentum in the Artificial Intelligence market may help companies gain market share, but success depends on proven experience, skills, product quality and fit,” said Stefano Spaggiari, CEO of Expert System Group. “Further improvements to the Cogito Artificial Intelligence platform and the consolidation of our positioning in the market are our priorities to support future plans and expansion in the US. We are honored to have new shareholders that can help us speed up our growth.”
The Expert System capital increase was subscribed by a newco (ERGO) controlled by a pool of private investors including: Claudio Costamagna, who spent more than 18 years at Goldman Sachs before becoming the chairman of Cassa Depositio e Prestiti, the Italian National Promotional Institution; Francesco Caio, former CEO of Poste Italiane, the largest infrastructure in Italy active in the areas of postal services and logistics as well as in financial and insurance services, and currently chairman of Saipem, a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sectors; Diego Piacentini, who, after 13 years at Apple, joined Amazon’s senior executive team, reporting directly to Jeff Bezos, and led the company’s International business for 16 years. On leave from Amazon since 2016, Mr Piacentini led for two years the Digital Transformation initiative of the Italian government.
As part of its acceleration plans, Expert System added new hires in the US, starting from experienced sales talents for the Insurance and Banking industries, strengthened the certification program for partners to guarantee an even more profitable AI training path, and has been bringing advanced uses cases to the RPA market to help organizations extend their automation initiatives to more complex, valuable and expensive tasks.
About Expert System
Expert System (EXSY:MIL) is a leader in Artificial Intelligence applied to text. Its flagship Cogito® platform, based on a unique blend of semantic technology and machine learning, helps organizations deploy cognitive automation to accelerate business processes, improve information management and make smarter decisions. Expert System’s solutions have been deployed in media, customer care, compliance, third party risk mitigation and intelligence applications by leading organizations such as AXA XL, Bayer, Bloomberg BNA, BNP Paribas, Clarivate, Eli Lilly, Gannett, Generali, IMF, Lloyd’s of London, Sanofi, US Department of Agriculture, US Department of Justice and Zurich Insurance Group.
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SOURCE Expert System