Matrikon acquires content intelligence system company Axonwave
The Axonwave Content Intelligence System’s (CIS) ability to analyze unstructured data, such as word processing documents, email and PDF files, complements Matrikon’s industrial intelligence infrastructure vision
Axonwave was purchased for $4.5 million in cash for all issued and outstanding shares
Edmonton, Alberta - February 21, 2007
Matrikon (TSX:MTK) is pleased to announce that it has acquired Axonwave Software Inc., a private company based in Vancouver, BC. Established in 1999, Axonwave grew out of the natural language laboratory at Simon Fraser University led by Dr. Fred Popowich, a recognized leader in the field of linguistic computing.
The Axonwave CIS performs advanced information retrieval and analysis by locating information based on context and meaning and can analyze massive volumes of unstructured information sources through the use of patent-pending natural language processing technology. This capability adds to the sophistication of Matrikon’s existing technology and will facilitate the development of high value solutions for industrial clients.
The purchase price is $4.5 million in cash for all issued and outstanding shares of Axonwave, which at closing has net tangible assets estimated at $3.7 million. "Being able to bring both operating data and important text based information forward to the client is critical in delivering efficient work processes for Operations Excellence," commented Mike Brown, Matrikon's vice president of products. "The Axonwave technology helps make this possible and will easily integrate into our existing suite of products and solutions to deliver even greater benefit to our clients. "PricewaterhouseCoopers Corporate Finance Inc. acted as exclusive financial advisor to Axonwave Software Inc. on the transaction.
Matrikon is a leading provider of industrial intelligence solutions that enable manufacturing plants to achieve operational excellence by transforming production data into knowledge to predict and prevent problems and optimize operations. Matrikon's customers achieve agile operations through the combination of external market and plant data to make informed, intelligent decisions in real-time. With offices in major cities throughout North America, Australia, Europe and the Middle East and a global client base including industry leaders in a wide range of process industries, Matrikon's reach is global.
Cautionary note regarding forward-looking statements
This press release contains "forward-looking statements". Some of these statements may involve risks and uncertainties and other factors that may be beyond Matrikon’s control and may cause actual results to be materially different from those contained in such forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Matrikon’s filings with the Canadian provincial securities commissions.
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