Investing in the International Opportunity
– Expert System’s 2015 acquisition of TEMIS has put it in a strong position to leverage its award-winning cognitive technology across a much larger global footprint in the text analytics market (expected to reach $6.5bn by 2020). It has extended its strategic partnerships, including becoming a Google Premier Technology Partner and developing its relationships with system integrators. Its impressive client base includes Eli Lilly, Thomson Reuters, UniCredit, Shell, and a number of national security agencies. Our base case DCF suggests a share valuation of €2.78, while recent fund-raising deals in the sector suggest the potential for a higher value.