Wednesday, June 24, 2009
Texert Taps GE For Pattern Recognition Technology
Dallas-based Texert reported today that the firm has acquired a license to technology from GE, focused on pattern identification. According to Texert, a provider of risk and compliance software, the license covers GE's Anomoly Detection Technology (ADT), developed at GE's Global Research Center in New York. Financial details of the licensing was not disclosed. Texert said the technology might be used for cyber security, finding questionable trading patterns in the financial markets, or detecting issues in utility projects. The firm said the technology will form the basis of its newest product, RiskPredictor, which will help companies manage risk and meet regulatory requirements. Texert also credited its major investor--New Venture Partners--with making the deal happen, saying that New venture Partners relationship with GE allows it to acquire and commercialize the technology. New Venture Partners invested $3M in Texert back in October of last year.