TOKYO, June 05, 2017 (GLOBE NEWSWIRE) -- FRONTEO Korea, Inc. ("FRONTEO Korea"), a wholly-owned direct subsidiary of FRONTEO, Inc. (“FRONTEO”) (NASDAQ: FTEO ) (TSE: 2158 ), a leading provider of global eDiscovery and big data analysis services utilizing artificial intelligence (“AI”) technology, was named as the silver award winner of the 2017 Asia-Pacific Stevie Awards. More than 700 nominations from 22 countries in the Asia-Pacific region were submitted this year and the winners were presented with their awards in Tokyo, Japan on June 2, 2017.
The Stevie Awards, recognized as the Oscars of the business world, include the Asia-Pacific Stevie Awards, the American Business Awards, the International Business Awards, and the Stevie Awards for Women in Business. The Asia-Pacific Stevie Awards was created in 2013 to honor organizations and professionals’ achievements in innovation from 22 countries across the Asia-Pacific region.
FRONTEO Korea received the award in the ‘Innovative Use of Technology in Customer Service’ category based on its application of FRONTEO’s original AI technology “KIBIT” to reduce the massive cost of international litigations.
eDiscovery is a critical process in U.S. litigations that requires each party to submit electronic documents that are relevant to the litigation and it accounts for 50% of the total litigation cost. With a dramatic increase in the number of litigations, reducing the cost of litigation has become one of the most important issues faced by domestic companies. FRONTEO’s proprietary AI, KIBIT, is able to learn from experts’ judgment systems and analyzes a vast amount of data based on technologies related to machine learning. When applied to the eDiscovery procedure, KIBIT can learn from legal experts’ decision-making patterns and automatically identify litigation-relevant electronic documents from a massive amount of data. It is also able to read and analyze text at 4,000 times the speed of a human, which reduces the cost of litigation by up to 40%.
“We are extremely pleased and honored that our eDiscovery service utilizing AI technology has been recognized by one of the world’s premier business awards. FRONTEO is a leading provider of global eDiscovery services and we have a track record of successfully providing our services in more than 6,700 international litigations across seven countries, including Japan, the U.S., and South Korea. Going forward, we will continue to be at the forefront to help companies handle litigations more efficiently,” said Yongmin Cho, CEO of FRONTEO Korea, Inc.
About KIBIT KIBIT is an AI engine developed by FRONTEO. KIBIT is a word coined by combining "kibi," a Japanese word meaning "subtlety," and "bit," the smallest unit of digital information, in order to indicate an AI capable of understanding the subtle elements of human behavior and personality.
About FRONTEO Korea, Inc. FRONTEO Korea, Inc. (“FRONTEO Korea”) is a wholly-owned direct subsidiary of FRONTEO, Inc. (“FRONTEO”) a publicly traded global technology and services company specializing in artificial intelligence (“AI”), forensic, and eDiscovery service. Driven by the unique FRONTEO AI technology KIBIT, companies are able to proactively and predictively assess fraud, data leakage and pre-crime events alongside the eDiscovery lifecycle and gain a deep understanding of their data. FRONTEO has extensive eDiscovery and forensic experience and expertise with information documented in Chinese, Japanese and Korean languages as well as English and utilizes that expertise for clients involved in cross-border litigation, administrative proceedings and internal investigation, including those related to antitrust investigations, intellectual property litigation, the Foreign Corrupt Practice Act and product liability investigations. FRONTEO has assisted in more than 6700 clients of administrative and legal proceedings in the United States, including Department of Justice, International Trade Commission and Securities and Exchange Commission investigations, and corporate investigations in South Korea, Japan, China and Singapore. For more information visit www.fronteo.com/kr .
About FRONTEO, Inc. FRONTEO, Inc. (“FRONTEO”) (Nasdaq: FTEO ) (TSE: 2158 ) supports the analysis of big data based on behavior informatics by utilizing its technology, "KIBIT". FRONTEO's KIBIT technology is driven by FRONTEO artificial intelligence based on knowledge acquired through its litigation support services. KIBIT incorporates experts' tacit knowledge, including their experiences and intuitions, and utilizes that knowledge for big data analysis. FRONTEO continues to expand its business operations by applying KIBIT to new fields such as healthcare and marketing. FRONTEO was founded in 2003 as a provider of e-discovery and international litigation support services. These services include the preservation, investigation and analysis of evidence materials contained in electronic data, and computer forensic investigation. FRONTEO provides e-discovery and litigation support by making full use of its data analysis platform, "Lit i View", and its Predictive Coding technology adapted to Asian languages. The company name was changed from UBIC, Inc. to FRONTEO, Inc. as of July 1, 2016.
For more information about FRONTEO, contact global_pr@fronteo.com or visit http://www.fronteo.com/global/ .
Safe Harbor Statement This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the amount of data that FRONTEO expects to manage this year and the potential uses for FRONTEO's new service in intellectual property-related litigation, contain forward-looking statements. FRONTEO may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about FRONTEO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FRONTEO's goals and strategies; FRONTEO's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, FRONTEO's services; FRONTEO's expectations regarding keeping and strengthening its relationships with customers; FRONTEO's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where FRONTEO provides solutions and services. Further information regarding these and other risks is included in FRONTEO's reports filed with, or furnished to the Securities and Exchange Commission. FRONTEO does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and FRONTEO undertakes no duty to update such information, except as required under applicable law.
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