Sprylogics International Corp. has signed a Letter of Intent to license Sprylogics’ Semantic Search Technology to Softection PTY Limited (“Softection”) of Australia. Softection develops Digital Asset Protection (“DAP”) Enterprise solutions in the Data Loss Protection marketplace (which is growing at a rate of 20% per year according to The Radicati Group of Palo Alto, CA). Their current technology protects an organization’s sensitive digital assets through encryption, logging and tracking.
Integration of the Sprylogics technology will fill the void left by other Data Loss Protection technologies by enabling the discovery, classification and tagging of sensitive unstructured data. The solution will also allow for the real time identification, classification and protection of all new digital assets to proactively enforce data security policies.
Softection will target the integrated solution at a number of key enterprise verticals, and initially, will pursue opportunities within the growing eHealth market.
“We are pleased about the opportunities that the combined technologies of Sprylogics and Softection offers both companies”, said Marvin Igelman, Sprylogics CEO. “It is a further validation of our core technology platform and supports our intention to pursue strategic and complimentary license deals.”
This license opportunity is directly related to the Company’s previously announced strategy, “Sprylogics Platform” (see press release dated October 19, 2011) which relates to the licensing of the core search, semantic, and data acquisition technology to enterprise customers in the Financial Services, Health, Telecommunications and Media verticals.