C-FER Technologies and OneSoft Enter into a Technology Sharing Agreement to Deliver Quantitative Risk Solutions to O&G Pipeline Operators
OneSoft Solutions Inc. (OSSIF) has entered into a technology sharing agreement with C-FER Technologies to integrate C-FER's quantitative risk models into OneBridge Solutions' Cognitive Integrity Management (CIM) SaaS platform. This collaboration aims to enhance risk assessments for oil and gas pipeline operators, aligning with recent regulatory updates demanding advanced data management. C-FER will benefit from royalties and commissions from the integrated solution's sales, marking a significant step in digital transformation within the energy sector.
- Collaboration with C-FER enhances OneBridge's CIM platform with advanced risk assessment capabilities.
- Integration aligns with the industry's shift towards quantitative risk management, meeting recent regulatory requirements.
- C-FER's models are recognized as best practices, potentially increasing the product's market credibility.
- None.
EDMONTON, AB / ACCESSWIRE / April 27, 2021 / C-FER Technologies (1999) Inc. ("C-FER") and OneSoft Solutions Inc. (TSXV:OSS)(OTCQB:OSSIF) ("OneSoft") are pleased to announce that C-FER has entered into a technology sharing agreement with OneSoft's wholly owned subsidiary, OneBridge Solutions Canada Inc. ("OneBridge") to integrate C-FER's quantitative risk models ("C-FER RMs") into OneBridge's Cognitive Integrity ManagementTM ("CIM") software-as-a-service ("SaaS") solution.
The quantitative risk models will be made available as optional functionality that can be accessed for segments of pipelines that require risk assessments, in accordance with OneBridge's economic consumption SaaS business model. Pursuant to the terms of the agreement, the parties will work collaboratively to market, sell and support the integrated solution to oil and gas ("O&G") pipeline operators and industry vendors globally who provide services to O&G operators. C-FER will receive royalties associated with sales of C-FER RMs, commissions on CIM subscription revenues that result from C-FER RM sales and will conduct professional services as required to support C-FER RM sales.
"C-FER, whose risk models have evolved and improved through 25 years of use and validation by oil and gas pipeline operators world-wide, is widely considered to be a leading industry expert regarding pipeline risk assessment," stated Brandon Taylor, OneSoft President and COO. "Integration of C-FER's risk models into CIM will allow both our companies to deliver to our clients what we believe is the most comprehensive and automated probabilistic risk assessment solution available anywhere in the world today."
Mathew Bussiere, C-FER's Manager of Pipeline Integrity & Operations, added, "CIM provides the complete platform that will enable our clients to greatly automate and simplify data management. Clients can ingest, correlate, and analyze multiple datasets within a single platform, rather than follow conventional practices wherein data is typically dispersed and managed amongst different departments within company operations. The advantage for O&G operators is the ability to consider more data which contributes to improved risk assessments. We believe our collaborative solution, combining CIM data management capability and machine learning with C‑FER's risk algorithms, will deliver the most advanced integrity and quantitative risk management solution available for O&G pipeline operators today."
About the Integrated Quantitative Risk Solution
The concept of the integrated solution evolved from discussions with pipeline operators who currently use both CIM and C-FER RMs and understand the advantages of using a single platform to manage integrity and risk functions. This offering supports the industry's desire to improve operational practices through digital transformation and embracement of new technologies and supports mitigation of the recent Mega Rule regulatory update which mandates that pipeline operators adopt more comprehensive data management systems and replace outdated qualitative risk solutions with quantitative and probabilistic models that can more accurately assess pipeline risks.
Research indicates a high degree of interest by industry participants in advancing risk assessment models, which is corroborated by recent merger and acquisition ("M&A") activity, whereby some of the software vendors who provided risk assessment solutions were acquired by inline inspection ("ILI") tool companies that appear to have interest in advancing risk software solutions as part of their offerings. OneSoft management believes that such M&A activity supports the Company's decision to enhance the CIM platform to include quantitative risk functionality.
Commonly used risk solutions today are mostly based on legacy, on premise computing technology. Management believes that its "born-in-the-cloud" software development strategy provides OneSoft with opportunity to augment its first-mover competitive advantage with CIM and machine learning by adding an innovative quantitative risk solution, particularly given the integration of C-FER's deep domain expertise and its well-tested probabilistic algorithms, which have been cited by PHMSA as examples of best practices to support all pipeline risk management decisions. The CIM platform allows operators to remain vendor-agnostic with respect to data that is ingested, normalized and processed as part of the C-FER risk models, an important distinction for pipeline operators who vigorously guard confidentiality of their data and also benefit through shared learning amongst other operators. The CIM/C-FER integrated functionality essentially provides operators with probabilistic risk capability that can be used independently and transparently from ILI and other vendors who provide such services.
About C-FER Technologies
C-FER Technologies' mission is to advance safety, efficiency, and environmental performance in partnership with the energy industry. We do this with engineered and tested solutions that provide the information needed to make timely and informed operational decisions. In collaboration with oil and gas pipeline operators, C-FER developed a risk calculation engine that has evolved over 25 years with input from numerous pipeline operators world-wide. The result is a suite of comprehensive quantitative system and probabilistic models that accurately estimate the extremely low probabilities and complex consequences of failure events from easily available pipeline condition and right-of-way data. Risk calculation models consider key factors including life and safety, environmental and financial, while estimating consequences related to product release ranging from small pinhole leaks to large leaks to more catastrophic pipeline ruptures. C-FER is a not-for-profit subsidiary of Alberta Innovates. C-FER operates with a fee-for-service, self-sustaining business model and a staff of 85 people in two large-scale testing facilities in Edmonton, Alberta, Canada.
About OneSoft and OneBridge
OneSoft has developed software technology and products that have capability to transition legacy, on-premises licensed software applications to operate on the Microsoft [NASDAQ:MSFT] Azure Cloud Platform. Our business strategy is to seek opportunities to incorporate Data Science and Machine Learning, business intelligence and predictive analytics to create cost-efficient, subscription-based software-as-a-service solutions. Visit www.onesoft.ca for more information.
OneSoft's wholly owned subsidiary, OneBridge Solutions Canada Inc., develops and markets revolutionary new SaaS solutions that use advanced Data Sciences and Machine Learning to analyze big data using predictive analytics to assist Oil & Gas pipeline operators to predict pipeline failures and thereby save lives, protect the environment, reduce operational costs, and address regulatory compliance requirements. Visit www.onebridgesolutions.com for more information.
For more information, please contact.
Dwayne Kushniruk, CEO
dkushniruk@onesoft.ca
587-416-6787
Sean Peasgood, Investor Relations
Sean@SophicCapital.com
647-494-7710
Forward-looking Statements
This news release contains forward-looking statements relating to the future operations and profitability of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", "believe", "will", "intends", "plans" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking information is provided to deliver information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.
In respect of the forward-looking information and statements the Company has placed reliance on certain assumptions that it believes are reasonable at this time, including expectations and assumptions concerning, among other things: the impact of Covid-19 on the business operations of the Company and its current and prospective customers, the availability and cost of labor and services; the efficacy of its software; our interpretation based on various industry information sources regarding the total miles of pipeline in the USA and globally, which segments are piggable; our understanding of metrics, activities and costs regarding evaluation, inspection and maintenance is in alignment with various industry information sources and is reasonably accurate; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; that there are no unforeseen material development or other costs related to current growth projects or current operations; the success of growth projects; future operating costs; interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; the sufficiency of budgeted capital expenditures in carrying out planned activities; and no changes in applicable tax laws. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to many factors and risks. These include but are not limited to the risks associated with the industries in which the Company operates in general such as: costs and expenses; interest rate and exchange rate fluctuations; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws.
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SOURCE: OneSoft Solutions Inc.
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