OneSoft Acquires Machine Learning IP to Advance Integrity Compliance Functionality
OneSoft Solutions Inc. (TSXV:OSS)(OTCQB:OSSIF) announced the acquisition of intellectual property from Michael Gloven, P.E. The acquired machine learning algorithms will enhance the Cognitive Integrity Management (CIM) software, improving data analytics for pipeline inspections. This aligns with regulatory standards and supports ongoing safety inspections. The transaction terms remain undisclosed but involved cash and share issuance. OneSoft is committed to leveraging this new technology to bolster its SaaS offerings in the pipeline management sector.
- Acquisition of machine learning IP enhances CIM software capabilities.
- Integration supports regulatory compliance and safety in pipeline operations.
- Potential to generate new revenue opportunities through advanced analytics.
- Transaction details undisclosed, leading to potential uncertainty regarding financials.
- Acquisition may involve integration challenges affecting operational efficiency.
EDMONTON, AB / ACCESSWIRE / March 9, 2021 / OneSoft Solutions Inc. (TSXV:OSS)(OTCQB:OSSIF) (the "Company" or "OneSoft") is pleased to announce that its wholly owned subsidiary, OneBridge Solutions Canada Inc. ("OneBridge"), has acquired intellectual property ("Acquired IP") that will be integrated into its Cognitive Integrity ManagementTM ("CIM") software-as-a-service solution, as a component of its Integrity Compliance functionality module. The Acquired IP was developed by Michael Gloven, P.E., the managing partner of Pipeline-Risk, a Denver-based engineering consultancy focused on machine learning and risk management practices for the natural gas, hazardous liquids and water industries. Mr. Gloven has more than 30 years of experience working as an asset and integrity manager, technical consultant, educator, software developer, business owner and energy company executive and is a well-known and highly respected evangelist for driving innovation for the industry.
The Acquired IP includes algorithms and processes that leverage machine learning to perform data analytics associated with measuring the uncertainty of anomalies found through pipeline inspections. The analysis, often referred to as probability of exceedance ("POE"), supports the prioritization of on-going inspections and mitigations and aligns with regulatory requirements mandated by PHMSA 192 & 195 safety statutes for U.S. pipeline operations.
"The integration of POE functionality into the CIM platform is a natural extension for the IP and will be highly beneficial for pipeline operators, particularly when integrated with other functionality provided by CIM," stated Michael Gloven. "I look forward to working with OneBridge as POE is evolved as part of their software platform to move the industry forward."
"Acquisition of this IP aligns with our "build or buy" strategy to accelerate our technology development roadmap to drive innovation by leveraging machine learning to create additional CIM functionality and economic consumption revenue opportunities," added Brandon Taylor, President and COO. "The POE algorithms Michael has developed provide processes and functions that can be incorporated directly into the existing CIM workflow, which will allow operators to reduce uncertainty by automating POE analyses on every pipeline system they operate."
The terms of the transaction are undisclosed. The purchase price was funded using a combination of cash payment and issuance of OneSoft shares that are subject to a four month and one day hold period and certain other terms, in accordance with TSX Venture Exchange, Canadian and U.S. Securities regulations and requirements.
About OneSoft and OneBridge
OneSoft has developed software technology and products that have capability to transition legacy, on-premise 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 | Sean Peasgood, Investor Relations |
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.
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SOURCE: OneSoft Solutions Inc.
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