First Derivatives PLC Contract Win (2722Y)
02 March 2017 - 6:00PM
UK Regulatory
TIDMFDP
RNS Number : 2722Y
First Derivatives PLC
02 March 2017
2 March 2017
First Derivatives plc
("FD" or the "Group")
Contract Win
FD (AIM: FDP.L, ESM: FDP.I) announces that it has signed a
contract with a Fortune 500 engineering solutions company for the
use of its Kx technology within precision manufacturing. Kx has
been selected as the high-performance, time-series data historian
and analytics platform in the next version of the client's fault
detection product range, expected to be released in mid-2017. The
client expects the use of Kx to provide a competitive advantage in
its market and has therefore asked not to be named at this
stage.
The client is a leading supplier of precision fault detection
solutions which enable its customers to increase productivity,
improve quality and maximise manufacturing equipment efficiency.
The fault detection solution takes readings from thousands of
sensors providing rapid ingestion, complex event processing, and
compares these readings to historical data to detect anomalies and
potential faults. With increasing numbers of sensors and frequency
of readings now taking place, the performance of the client's
existing solution had become sub-optimal and, following a
successful proof of concept, it has decided to replace it with Kx.
Initial benchmarking shows that, by incorporating Kx, the product
is capable of handling many millions of sensor reads per second,
representing a significant change in the product's performance and
scalability.
FD will receive revenue as existing customers of the fault
detection solution upgrade to the version powered by Kx. The total
expected value over a five year period places this contract amongst
some of the larger software contracts FD has signed. In addition to
the use of Kx within its fault detection solutions, the client has
identified additional potential uses of Kx within its operations
and FD is working with the client to develop these additional
opportunities.
The use of Kx for fault detection is one application of the use
of sensor data to aid efficiency within manufacturing, also known
as the Industrial Internet of Things (IIoT). According to ABI
Research, the addressable market for analytics and other
value-added services for the IIoT is expected to reach $80-120
billion by 2018.
Brian Conlon, Chief Executive Officer of FD, commented: "This is
a flagship contract win for Kx in the Industrial Internet of
Things, secured through our ability to demonstrate higher
performance, greater scalability, and lower total cost of ownership
than competing solutions. We see considerable potential for Kx to
establish itself as a market-leading solution for streaming
analytics on sensor data, particularly within manufacturing
environments."
For further information please contact:
First Derivatives plc +44(0)28 3025 2242
Brian Conlon, Chief Executive www.firstderivatives.com
Officer
Graham Ferguson, Chief Financial
Officer
Ian Mitchell, Head of Investor
Relations
Investec Bank plc (Nominated
Adviser and Broker)
Dominic Emery
Carlton Nelson
Sebastian Lawrence +44 (0)20 7597 4000
Goodbody (ESM Adviser and
Broker)
Linda Hickey
Finbarr Griffin +353 1 667 0420
FTI Consulting
Matt Dixon / Dwight Burden
/ Antonia Gray +44 (0)20 3727 1000
About FD
FD is a global technology provider with 20 years of experience.
The Group's Kx technology is used by some of the world's largest
finance, technology and energy institutions. FD employs over 1,700
people worldwide and has operations in London, New York, Stockholm,
Singapore, Hong Kong, Tokyo, Sydney, Palo Alto, Toronto,
Philadelphia, Dublin, Belfast and its headquarters in Newry.
For further information, please visit
www.firstderivatives.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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