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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.
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. 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.
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 existing technologies to create a dominant platform empowering users to harness the multitude of data available to them," said Brian Kalish, co-founder and Chief Executive Officer of Xigem. "Businesses and consumers that use data to make better decisions and improve their productivity will have a tremendous competitive advantage over those that do not, and we will strive to be the technology provider helping to deliver those results."
Xigem has posted a short video explaining the Cylix platform and how the Company plans to integrate it with iAgent and FOOi. The video can be viewed here: Cylix Data and Xigem Technologies.
About Xigem Technologies Corporation
Established in Toronto, Ontario, Xigem is positioned to become a leading technology provider for the emerging near trillion-dollar remote economy, with software capable of improving the capacity, productivity, and overall remote operations for businesses, consumers, and other organizations. iAgent, the Company's patented technology, and FOOi, its proprietary peer-to-peer mobile payments app, will provide organizations, businesses, and consumers with the tools necessary to thrive in a vast array of remote working, learning and treatment environments, while the Company looks to aggregate a portfolio of innovative technologies capable of disrupting traditional business models.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the Company's ability to complete the acquisition of the assets and operations of Cylix (the "Transaction"); the ability of Cylix to become one of the leading and most robust aggregators and originators of corporate and personal data in the Big Data market; the ability of the Company to continue adding innovative technologies to its portfolio; the ability of Cylix to become a unifying engine that connects and drives other key technologies in Xigem's portfolio; and increased market demand for Cylix's products.
Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the continued commercial viability and growth in popularity of the Company's and Cylix's applications; the Company's ability to continue to develop and acquire revenue-generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued development of the Company's and Cylix's technologies; the continued growth of the Company and Cylix; the Company's ability to finance the closing of the Transaction; and the ability of the Company to fulfil the requirements of the CSE in respect of the Transaction.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the risks associated with the technology and data industries in general; increased competition in the technology, data and AI markets; the potential future unviability of the Company's and Cylix's product offerings; incorrect assessment of the value and potential benefits of the Transaction; risks associated with potential governmental and/or regulatory action with respect to the Company's activities; risks associated with a potential collapse in the value of data-related services; risks associated with the Company's potential inability to attain board, shareholder and/or regulatory approval with respect to the Transaction; risks associated with the Company's ability to continue generating a profit; the inability of Cylix to become one of the leading and most robust aggregators and originators of corporate and personal data in the Big Data market; the inability of the Company to continue adding innovative technologies to its portfolio; risk that Cylix will not become a unifying engine that connects and drives other key technologies in Xigem's portfolio; risks with respect to market demand for Cylix's products, and the inability of the Company to obtain CSE approval with respect to the Transaction.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE: Xigem Technologies Corporation
On behalf of the Company:
Brian Kalish, Chief Executive Officer
For further information:
 IDC, "Worldwide Global DataSphere Forecast, 2021-2025: The World Keeps Creating More Data - Now, What Do We Do with It All?", March 2021
 Age of Analytics Provides the Cornerstone for the Disruptive Growth & Proliferation of Big Data Technologies, Research and Markets, December 2020
 Fortune Business Insights, Fraud Detection and Prevention Market Size, July 2021.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103437