Insig AI PLC - London-based machine learning and data science firm which serves the asset management industry, formerly known as Catena Group PLC - Says it has signed a "software as a service" agreement with 4BIO Partners LLP. The contract commences immediately and runs for an initial term of five years. No financial details were disclosed.
Chief Executive Steve Cracknell comments: "The agreement with 4BIO is our first contract win outside the financial services industry. This shows how our data infrastructure and machine learning expertise can be applied to other sectors. We're particularly excited to be working with 4BIO, delivering their ambition to apply AI technology to raise the standard of healthcare, and using our software solutions in the vital area of disease therapies.
"This contract win is important. It is consistent with our strategy of building long term sustainable revenues. Even though the initial impact on profitability will not be substantial, it proves our ability to win business in a sector that can be highly lucrative for us over the medium to longer term."
Current stock price: 48.54 pence
Year-to-date change: down 99%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Insig Ai Plc (INSG)