DALLAS, June 24 /PRNewswire/ --
- Multiple-industry application identifies patterns of significance from minimal data sets to enable early warning risk detection and intelligent risk aware management for the Enterprise
The human eye cannot recognize the anomaly you just read. Every seventh word in this press release could be one one-hundredth smaller than every other word. Identifying patterns of significance from minimal data sets has profound implications for uncovering inefficiencies or fraud within a technologically complex world and requires locating granular differences, differences that at first glance may seem insignificant.
Texert, an innovative enterprise risk management software provider, recently closed the deal to acquire a license to GE's Anomaly Detection Technology (ADT). ADT is innovative, patented software that was developed upon years of research and development at the GE Global Research Center in Niskayuna, NY.
We are pleased to work with Texert and New Venture Partners to bring this proven, patented technology to the commercial marketplace. There are limitless applications utilizing ADT to enable corporations to manage risk and compliance, stated Rusty Irving, GE Global Technology Leader for Computing and Decision Sciences.
ADT can be used in cyber-security applications to provide near real-time risk warnings and alerts for monitoring systems and networks. Some additional applications include the detection of questionable securities trading patterns or identification of anomalies in major utility projects. ADT enables proactive business critical responses while optimizing current strategies. Fund managers, banking institutions, energy and utility providers, health care companies, and federal agencies will benefit from the greater analysis, accurate interpretation, and early anomaly detection.
ADT forms the basis for Texert's innovative new RiskPredictor(TM) product. RiskPredictor complements Texert's J-Port(R) GRC offering and provides Texert with the most advanced, next-generation solution to enable corporations to manage risk more effectively, meet regulatory requirements, and improve business performance. RiskPredictor securely enables the corporate enterprise with early warning risk detection capabilities.
Texert's RiskPredictor provides: - Comprehensive risk forecasting and predictive capabilities, - Accurate pinpoint of risk anomalies using small data sets (as few as 5 to 8), - Clearer interpretation of anomalies through advanced implementation of Z-scores, - Patented algorithms to identify hidden patterns within anomalies, and - Solutions to communication failures for complex and hidden risk.
Leveraging New Venture Partners' relationship with GE to acquire and commercialize this patented anomaly detection technology is further evidence of Texert's commitment to help corporate enterprises transform current risk management approaches, stated T. Curtis Holmes, President and CEO, Texert. We are very excited about the role that RiskPredictor will play in leading the way to early warning risk detection.
Texert is a leading provider of enterprise risk management (ERM) software solutions. Texert's J-Port(R) GRC is the next-generation Governance Risk and Compliance solution that enables a comprehensive, intelligent view of risk across the entire organization. Global customers spanning various industry verticals are utilizing Texert's J-Port (R) GRC software to consolidate risk assessments, governance and internal controls into a synchronized risk-aware platform.
About GE Global Research
GE Global Research is one of the world's most diversified industrial research labs, providing innovative technology for all of GE's businesses. Global Research has been the cornerstone of GE technology for more than 100 years, developing breakthrough innovations in areas such as medical imaging, energy generation technology, jet engines and lighting. GE Global Research is headquartered in Niskayuna, New York and has facilities in Bangalore, India, Shanghai, China and Munich, Germany. Visit GE Global Research at www.ge.com/research.
About New Venture Partners
New Venture Partners LLC, the global venture capital firm dedicated to corporate technology spinouts, has over US$700 million under management. New Venture Partners provides a bridge between technology corporations and traditional venture capital. Through its unique, hands-on approach, the firm offers a systematic process for commercializing innovations and provides an alternative path to market for corporate technologies. The New Venture Partners team has completed over 50 spinouts from the RD labs and business units of global technology corporations including Lucent/Bell Labs, British Telecom, Philips Electronics, Agere, Boeing, Freescale Semiconductor, Intel, Telstra, and others, and has become the benchmark for corporate spinout venturing. www.nvpllc.com
Kent Thornton of Texert, Inc., +1-806-356-8441