Edison Investment Research - Expert System (EXSY) Expert System - ADmantX stake sold for â‚¬7m

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Edison Investment Research

Richard Williamson

Expert System - ADmantX stake sold for â‚¬7m

Expert System has sold its 60.8% stake in ADmantX for cash proceeds of â‚¬7m. ADmantX is a spin-off that has adapted Expertâ€™s Cogito technology for the advertising industry. The disposal price reflects a trailing EV/sales multiple of 8x, well ahead of Expertâ€™s trailing multiple of 4.1x. In our view, the deal highlights the value of Expertâ€™s technology as well as providing welcome funds to support the growth of the business.

09/12/2019 5 EN

Underlying

Expert System

Expert System Spa. Expert System SpA is an Italy-based company engaged in software industry. The Company provides document management with linguistic analysis and meanings understanding. Expert System SpA delivers application software for various sectors, such as banking and insurance, oil and gas, media and publishing, government, telecommunications, life science and pharmaceuticals. The Company's products portfolio includes Cogito Semantic Tagger, Cogito Studio, Cogito Answers, Cogito Discover, Cogito Categorization Platform, Cogito Search Explore Engine, Cogito Intelligence API, Cogito Intelligence Platform and Cogito Technology. The Company's products are designed for semantic indexing and search, automatic categorization of unstructured information, marketing and business intelligence and open source intelligence, extraction of relevant entities and for advanced customer care. On July 2014, it increased its stakes in ADmantX SpA up to a 77.83%.

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IT0004496029 Italy

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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Expert System - ADmantX stake sold for â‚¬7m

Expert.ai - Growth in focus areas

Expert.ai - Growth in focus areas

Expert System - Focus shifts to scaling up

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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