Dec 10, 2014
– Expert System further confirms its internationalization strategy with two new offices in Madrid and Barcelona and its entrance in the Latin American market
Modena, December 10, 2014 – Today, the board of directors of Expert System, a leading developer of semantic software for the effective management of information and big data, listed on the AIM Italia market (organized and managed by Borsa Italiana S.p.A.), has approved subsidiary Expert System Iberia S.L.’s acquisition of the ICM (Intelligent Content Management) and iLab – Research Center Innovation – divisions of iSOCO, an international company based in Barcelona with contacts in South America, specialized in the development of semantic technology based software for the management of unstructured information aimed at a wide variety of industrial sectors, especially banking, government and pharmaceuticals.
iSOCO, founded in 1999 as a spin-off of the Spanish Artificial Intelligence Research Institute, has participated in major international projects involving business solutions which combine advanced technologies and strategic consulting in the innovative context of the Networked Economy with the objective of improving relations between companies and their stakeholders (organizations, clients, suppliers, partners). In particular, iLab is a research and development laboratory which is a point of reference in the field of international research regarding artificial intelligence and semantic technology.
The acquisition is part of Expert System’s internationalization strategy which, after the opening of the Palo Alto office in Silicon Valley, and the establishment of the UK subsidiary, Expert System Cogito Ltd., further strengthens its presence in Europe through the creation of Expert System Iberia’s offices in Barcelona and Madrid and enters into new business opportunities in South America.
The transaction amounts to approximately 2 million Euros and will be finalized by December 23.
Klecha & Co. was Expert System’s financial advisor during this operation.
Stefano Spaggiari, CEO of Expert System, commented:
“We are especially pleased to announce the acquisition of the two divisions of iSOCO. Not only will we be able to strengthen our Group’s skills in the fields of semantics and artificial intelligence for the Spanish language, but we will also enrich our portfolio with important new clients in sectors where ISOCO already operates such as banking, government and pharmaceuticals. The operation is of great strategic value because it will allow us to gain an immediate significant presence in the Spanish market, which is quite dynamic and business is heavily oriented towards Latin American countries where some projects are already underway”.