Xigem Technologies Set to Pursue Big Data Market with Expanded
Cylix Data to be Integrated with iAgent and FOOi to Connect and Unify Company’s Portfolio
Toronto, Ontario–(Newsfile Corp. – November 15, 2021) – Xigem Technologies Corporation (CSE: XIGM) (FSE: 2C1) (“Xigem” or the “Company“), a technology provider for the emerging remote economy, today announced further details of its plans to integrate a proposed acquisition of business intelligence company 2747524 Ontario Inc. o/a Cylix Data Group (“Cylix“) with its existing iAgent and FOOi technology. The integration of these patented technologies would create a seriously robust platform designed to capitalize on the growing multi-billion dollar Big Data market.
Xigem’s fundamental strategy is to aggregate a portfolio of innovative and disruptive technologies to help organizations thrive in today’s remote economy. Cylix, with a proprietary database holding more than 74 million continually refreshed data points, is poised to become one of the leading aggregators and originators of corporate and personal data in the Big Data market.
The exponential growth of data in the remote economy creates both opportunities and challenges for the businesses that must navigate it. According to IDC, the amount of data created or replicated worldwide is accelerating due to the dramatic increase in the number of people that are working, learning, and entertaining themselves from home, but less than 2% of all data is retained. Organizations that effectively store and access data can become more resilient, develop new revenue streams and improve customer satisfaction and loyalty.[1]
There is significant demand for technology providers that can help organizations manage, process and streamline large datasets. According to Research and Markets, the global market for Big Data was estimated at US$70.5 billion in 2020, and is projected to reach US$243.4 billion by 2027, spurred on in large part by the ramifications of the COVID-19 pandemic.[2] The segment in which Cylix currently competes, the global fraud detection and prevention market, was estimated at US$19.8 billion in 2019 and is expected to grow to US$106.7 billion by 2027, exhibiting a compound annual growth rate of 24% during the forecast period.[3]
Xigem expects Cylix to become the fundamental platform that unifies the data across the Company’s other core technologies. The integrated offering will provide users of Xigem’s iAgent SaaS-based CRM platform and its FOOi payment platform with instant access to streamlined information about current and potential customers and business partners. For example, users of iAgent may be able to mitigate fraud risk when selecting goods and services providers, while users of FOOi will be able to use Cylix’s risk scoring and other data points to identify high-risk transactions in real time, all potentially adding valuable selling features and cross-pollinating income sources for Xigem.
“Cylix is more than just an addition to our portfolio. We plan to integrate it with our…
Read More: Xigem Technologies Set to Pursue Big Data Market with Expanded