RCS - Frontier IP Group - Elute Intelligence appoints Steve Cable as CEO

Frontier IPAnnouncement

14/10/2022 07:00

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RNS Number : 8774C  Frontier IP Group plc  14 October 2022

REACH

AIM: FIPP

14 October 2022

 

Frontier IP Group plc

("Frontier IP" or the "Group")

 

 

Portfolio news - Elute Intelligence appoints Steve Cable as Chief Executive
Officer

 

Frontier IP, a specialist in commercialising intellectual property, today
announces that portfolio company Elute Intelligence Holdings Limited ("Elute"
or the "Company") has appointed Steve Cable as Chief Executive Officer. Steve
will guide the organisation through the development of existing Elute products
with an emphasis on product alignment, market traction and commercial growth.

 

Steve has more than 25 years' experience in building businesses at start-ups,
mid-size firms and large companies. He has worked with software solutions in
Artificial Intelligence, Search, Professional Services Automation, Enterprise
Resource Planning, and Identity Management across a wide diversity of sectors.

 

His experience of leading strategy, positioning solutions, and penetrating
existing markets, is a core requirement for Elute. This was recently
demonstrated where he was part of leadership team at CMap Software. The
Company went from being a relatively unknown start up to industry leader with
more than £4m annual recurring revenues, leading to a private equity
investment in December 2019.

 

The Elute technology is based on encoding forensic linguistic principles in
software. The core competency enables documents to be read in a manner similar
to humans, but by a computer at great speed. It is possible for the system to
'read' millions of documents in seconds and identify the documents that are of
greatest relevance. The software can clearly show the user why documents are
relevant, a marked difference to artificial intelligence or semantic search
approaches used by competing products.

 

Other complementary competencies allow rapid detailed comparison of text in
documents, authorship detection for plagiarism and collusion detection, and an
ability to automatically summarise documents. While Elute's current products
are English language based, the functionality is not language dependent and
therefore the products could in principle be applied to a wide range of
languages including English, Russian, Arabic and Chinese.

 

The technology is live, proven, and trusted by organisations such as UCAS and
the Open University.

 

Steve Cable, Elute Chief Executive Officer, said: "I joined Elute due to the
many possible applications of the technology. I've had the benefit of working
in two of the UK's leading SaaS search software providers, so I immediately
recognised the possibilities. In the short time I've been on board we have
made big strides and we expect to be able to launch a new differentiated
product very soon.  My primary aim is taking this technology to market,
gaining user feedback, and monetising as soon as possible."

 

Frontier IP Chief Executive Neil Crabb said: "Elute has the potential to
transform the way in which we search and compare text stored in large,
complex, and unstructured datasets. We are very pleased that Steve has been
appointed Elute's Chief Executive. He has already made great progress since he
joined the Company, and we are looking forward to working with him as CEO as
he takes it forward to success."

 

ENQUIRIES

 Frontier IP Group Plc                                                   T: 020 7332 2338
 Neil Crabb, Chief Executive                                             neil@frontierip.co.uk (mailto:neil@frontierip.co.uk)

 Andrew Johnson, Communications and investor relations                   M: 07464 546 025

 andrew.johnson@frontierip.co.uk

 Company website: www.frontierip.co.uk (http://www.frontierip.co.uk/)
 Allenby Capital Limited (Nominated Adviser)                             T: 0203 328 5656
 Nick Athanas / George Payne

ABOUT FRONTIER IP

Frontier IP unites science, finance and industry by identifying strong
intellectual property and accelerating its development through a range of
commercialisation services. A critical part of the Group's work is involving
relevant industry partners at an early stage of development to ensure
technology meets real world demands and needs.

The Group looks to build and grow a portfolio of equity stakes and licence
income by taking an active involvement in spin-out companies, including
support for fund raising and collaboration with relevant industry partners at
an early stage of development.

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