TORONTO, July 26, 2022 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (TSX-V: NOW) ("NOW" or the "Company"), a big data, analytics and vertical intelligence ("VI") software and solutions company announced a multi-year contract with AbbVie S.A.S., a Colombia-based subsidiary of AbbVie Inc., a global biopharmaceutical company, to provide data aggregation and analytics solutions.
Under the contract, NOW will implement multi-platform data engineering solutions to dramatically increase the value and application of AbbVie's data science projects. The vertically intelligent transformation efforts will increase AbbVie's data and analytics capabilities to prove out Big Data projects through the conformation of experienced and specialized Data Engineering cells. The Illinois-based biopharmaceutical company has more than 48,000 employees worldwide. AbbVie develops and markets medicines and advanced therapies to tackle some of the most complex diseases in the world, mainly immunological and oncological.
"The Big Data analytics market is growing incredibly fast as companies look to make bolder and more informed decisions using the data at their fingertips," said Daren Trousdell, Chairman and CEO of NOW. "The ability to serve the needs of enterprise customers while advancing their Vertical Intelligence transformation is core to our mission. With a significant position in the Latin American Big Data Analytics marketplace, which is forecast to reach more than US$10 billion1 annually by 2027, NowVertical Group and our Solutions unit can deftly expand into new areas, while also providing world-class service anywhere on the planet."
This new contract with AbbVie marks further expansion of NOW's presence in Colombia. It also adds to the organization's growing pharmaceutical and health practices and industry-specific VI solution set as AbbVie will be joining the ranks of current and former customers including MSD, Bayer, Novartis, Tecnofarma and Asofarma. The contract will be executed by NowVertical's CoreBI team, the Latin American lead for NOW Solutions.
About NowVertical Group Inc.
NOW is a big data, analytics and VI software and services company that is growing organically and through acquisition. NOW's VI solutions are organized by industry vertical and are built upon a foundational set of data technologies that fuse, secure, and mobilize data in a transformative and compliant way. The NOW product suite enables the creation of high-value VI solutions that are predictive in nature and drive automation specific to each high-value industry vertical. For more information about the Company, visit www.nowvertical.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Daren Trousdell, Chief Executive Officer
t: (212) 302-0868
Glen Nelson, Investor Relations
t: (403) 763-9797
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause results to differ materially from those discussed in the forward-looking statements. Therefore, readers should not rely on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise any forward-looking statement publicly, whether as a result of new information, future events or otherwise.
1 Source: https://www.statista.com/statistics/993318/big-data-analytics-revenue-latin-america/
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