ClearForest sees growing adoption of text analytics solutions in business intelligence market
BOSTON, MA, Jan. 31, 2005 -- ClearForest, a provider of text-driven business intelligence solutions, today announced that it achieved 50 percent revenue growth for 2004, closing deals in all of its major verticals. Additional ClearForest highlights for 2004 include launching version 6.0 of the company's flagship solution, the ClearForest Text Analytics platform, and earning six awards, including Deloitte's Technology Fast 500 EMEA, The MIS Strategic 100, and Intelligent Enterprise Magazine's 2004 Editors' Choice Awards.
"Our growth in 2004 is indicative of a larger trend; companies are looking to business intelligence for new ways to improve quality, reduce risk, and promote innovation," said Barak Pridor, CEO of ClearForest. "Products such as ClearForest's Quality Early Warning module are part of a new generation of unified business intelligence-solutions that unite structured data and unstructured content for analysis. Our Quality Early Warning solution is helping automotive and manufacturing companies improve build quality and reduce warranty costs by extracting and analyzing unstructured content from warranty claims, helping companies troubleshoot high-cost repairs and identify areas for product improvement. Warranty data has historically been very difficult to access and leverage within a structured business intelligence architecture."
ClearForest revenue growth reflects new deals with Fortune 100 customers in the automotive manufacturing, consumer packaged goods, financial services, and life sciences sectors. ClearForest's installed customer base includes industry leaders such as Boeing, Dow Chemical, Dow Jones, Eastman Chemical, EDS, Elsevier Science, International Finance Corporation, NASD, Regulatory DataCorp, Thomson Financial, and The US Department of the Air Force.
"ClearForest's Quality Early Warning analytic application demonstrates the value of text as a new data source," said Henry Morris, Group Vice President for Integration, Development, and Application Strategies at IDC. "Enabling manufacturers to analyze all available information (both structured data and unstructured text) related to warranty processing can provide a competitive edge in faster identification of product quality issues."
Additional ClearForest highlights for 2004 included:
-- ClearForest introduced version 6.0 of its flagship solution, the ClearForest Text Analytics platform. The solution is a complete suite of information extraction and analysis tools that enable companies to turn free-text into a valuable source of business intelligence.
-- ClearForest was recognized for excellence six times in 2004, including NIST's ACE evaluation, Deloitte's Technology Fast 500 EMEA, The MIS Strategic 100, the eContent 100, KMWorld's 100 Companies that Matter in Knowledge Management, and Intelligent Enterprise Magazine's 2004 Editors' Choice Awards.
-- The company completed a round of funding, totaling $10 million led by venture capital firm Greylock.
-- In the spring of 2004, ClearForest moved its headquarters to the Boston area to gain access to a larger high-tech workforce and to be closer to potential partners. The company has maintained offices in New York and Israel.
ClearForest Corp. is a provider of text-driven business intelligence solutions, supplying the analytical bridge between two previously disconnected worlds of information--unstructured text and enterprise data. In allowing both to be analyzed simultaneously, ClearForest makes unified business intelligence a reality. Our award-winning solutions enable customers such as Dow Chemical, Eastman Chemical, Reuters, Elsevier Science and International Finance Corporation to turn large volumes of contextually-based information into proactive business intelligence.
Corporate headquarters are in Boston, MA. For more information, please visit www.clearforest.com. (C)2004 ClearForest Corp.
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