2008 was no time to be in a tech oriented venture with any degree of speculation. Shareholders of Concord Ontario’s Sprylogics (TSXV:SPY) know this as well as anyone.
The company, which was founded in 2006, focused on using technology to curb financial fraud. Sprylogics’ co-founder, Avi Shachar, was a former Lieutenant Colonel with the Israeli Intelligence and the first Senior Intelligence Analyst of the Joint Securities Intelligence Unit that was formed by the Ontario Securities Commission and the Royal Canadian Mounted Police in 2001 to combat organized criminal activity in the Canadian capital markets.
Sprylogic’s tools, including its IntegraDB software, used proprietary algorithms and methodology to mine data in a way the company said hadn’t been done before.
Through a reverse merger, Sprylogics went public midway through 2007 and, while things looked promising out of the gate, the largest recession in a generation effectively clipped the company’s chances. Shares of Sprylogics, which had traded as high as $.28 cents, fell to less than a penny.
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While the financial recovery may be on shaky ground, 2012 is a better time for technology. And Sprylogics areas of core competency in search, semantics and data acquisition has quietly become one of the hottest trends in all of tech. The company, whose shares began to rebound last year, has responded by broadening the applications of its technology outside the financial services vertical.
Big Data, a catch-all phrase for organizing giant databases and producing useful info about customers in real time, allows multinationals to be far more efficient. According to EMC President Pat Gelsinger, Big Data is a $70 billion industry and growing at a rate of 15% to 20% a year. Research firm IDC says “Big Data developments will be perhaps the most critical new marketplace for storage solutions providers in the coming decade. Providing a strong portfolio of complete Big Data solutions – hardware, software, and implementation services – will be a high priority to succeed.”
Sprylogics offerings fall smack in the middle of the trend towards more intelligent search and data extraction. They now include Cluuz, a search engine that management says “understands the relationship between the entities and terms searched leading to more relevant and easy to understand search results. Cluuz peers into the searched web pages and documents, extracts important terms, clusters them and displays them in chart format.”
The company has also set up a mobile team, headed by former Research in Motion exec Brad Marks. With user review site Yelp filing IPO papers recently, Sprylogics management believes its core technology can offer an improvement in the space by using machine learning and semantic technologies to “aggregate and rank opinions and sentiment on places, businesses and products using social signals, traditional on-line media and on-line.”
The company’s second mobile offering, with the sleek code name “Liquid Messaging” is meant to allow mobile messaging companies to tailor their offerings to their clients real time searches, using semantic search technologies.
At press time, shares of Sprylogics were down 4.5% to $.105 cents.