LONDON (ShareCast) - (ShareCast News) - First Derivatives announced on Thursday that it has signed a contract with an unnamed Fortune 500 engineering solutions company for the use of its 'Kx' technology within precision manufacturing.
The AIM-traded company said 'Kx' had been selected as the high-performance, time-series data historian and analytics platform in the next version of the client's fault detection product range, expected to be released in mid-2017.

It said the client expected the use of 'Kx' to provide a competitive advantage in its market, and had therefore asked not to be named at this stage.

FD described the client as a "leading supplier" of precision fault detection solutions which enable its customers to increase productivity, improve quality and maximise manufacturing equipment efficiency.

The fault detection solution takes readings from thousands of sensors providing rapid ingestion, complex event processing, and compares those readings to historical data to detect anomalies and potential faults, the board explained.

With increasing numbers of sensors and frequency of readings now taking place, the performance of the client's existing solution had reportedly become sub-optimal and, following a successful proof of concept, it decided to replace it with 'Kx'.

Initial benchmarking showed that, by incorporating 'Kx', the product is capable of handling many millions of sensor reads per second, representing a significant change in the product's performance and scalability.

FD said it will receive revenue as existing customers of the fault detection solution upgrade to the version powered by 'Kx'.

The total expected value over a five-year period placed the contract amongst some of the larger software contracts FD had signed.

In addition to the use of 'Kx' within its fault detection solutions, the client also identified additional potential uses of 'Kx' within its operations and FD iwa working to develop those additional opportunities.

"This is a flagship contract win for 'Kx' in the industrial 'internet of things', secured through our ability to demonstrate higher performance, greater scalability, and lower total cost of ownership than competing solutions," said FD chief executive officer Brian Conlon.

"We see considerable potential for 'Kx' to establish itself as a market-leading solution for streaming analytics on sensor data, particularly within manufacturing environments."

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