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We Predict Completes Funding Round to Develop its Successful Predictive Analytics Products
By: PR Newswire
Nov. 14, 2012 04:02 AM
SWANSEA, Wales, November 14, 2012 /PRNewswire/ --
We Predict Ltd, a Swansea-based global leader in Predictive Analytics announced today that it had completed a fundraising to finance the development of a range of predictive analytics products and to open an office in California. The new investment came from private investors.
Lord Hollick, an investor, is to become Chairman of We Predict.
About We Predict
We Predict provides predictive analytics predominately to automotive manufacturers and their supply chain. The service provided enables its clients to reduce significantly the expense of warranty which costs the industry in excess of $70bn annually. By using advanced statistical and data techniques We Predict transforms data into actionable information. We Predict's information products focus on reducing detection time of quality issues, benchmarking repair rates in the dealer network, enabling risk quantification and providing insight into the effect of component failure on customer satisfaction. The company believes its products can help the industry to make savings in excess of $5bn. We Predict was named as an Industry Leader by IDC Marketscape[i].
The huge potential of the company has attracted investors, such as Lord Hollick and Stuart Clarke who will become Chairman and non-executive CFO respectively.
We Predict founder and CEO James Davies is excited about the new investors and Directors: "We have a very talented group of professionals, who have created a suite of information and analytics products which are highly valued by our customers. Our new colleagues have a wealth of business experience and impressive track records of helping new businesses with high potential to grow successfully. My fellow director, Professor Davis, our CTO, and I are very much looking forward to working with them. The coming months will see us open an office in San Francisco to capitalise on our US opportunities, and build our teams in healthcare and insurance."
About the Investors
Lord Hollick is a businessman, founder of the IPPR think tank and has been a member of the House of Lords since 1991 where he sits on the Economic Affairs Committee. He served as the Group Chief Executive of UBM PLC and its predecessor companies from 1974 to 2005. He was a Managing Director and Partner of Kohlberg Kravis Roberts & Co. between 2005 and 2010. He is a director of Honeywell Inc, Pro Sieben and BMG Music Rights Management. He is a member of the Advisory Boards of Jefferies Inc, Bertelsman and The Royal Society and a partner at GP Bullhound. He was an advisor to several successive UK Labour Party leaders, including Prime Minister Tony Blair and acted as a Special Adviser at the DTI in 1997 and 1998.
Lord Hollick said:
"We Predict's team is impressive and its products are first class. Its predictive analytics have rapidly become essential to the efficient management of companies in the automobile industry. The next steps are to offer these products on a global basis and to develop similar products and partnerships in the healthcare and insurance sectors."
Stuart Clarke joined Admiral Group PLC in 1995 after training as a chartered accountant and was Head of Finance during the Group's management buyout in 1999, before becoming the Group Company Secretary in 2004 when Admiral floated on the London Stock Exchange. After semi-retiring in 2009 Stuart continues to work with Admiral and is a Board member of a number of their subsidiaries.
i. IDC Marketscape: Worldwide Warranty Analytics 2012 Vendor Assessment (MI233833)
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