The Swedish AI company, Artificial Solutions, moves fully to SaaS and initiates restructuring program of sales and services to accelerate growth

Artificial Solutions® (SSME:ASAI), the leading specialist in enterprise conversational AI, today announced its new SaaS strategy, re-shaping its market offering to modular conversational AI solutions. The company is also restructuring its organization to better serve the quickly maturing AI market to increase growth and reduce the run rate operating costs net after investments with approximately 35 MSEK on an annual basis.

“Enabling brands to deliver customer experiences as quickly and efficiently as possible is paramount in this digital age,” said Per Ottosson, CEO at Artificial Solutions. “We are adamant in empowering developers with a modern SaaS platform where integrators or brands can realize time-to-value much faster in all our 36 languages and dialects. Our existing customers will benefit from an even faster innovation than before.”

“The changes allow us to revamp our delivery model which enables a streamlining of the organization. As a result, we will require less functions and staff. This has effects in our legacy organization in the UK but also in other countries. This will provide us speed but also reset our cost baseline to approximately 35 MSEK lower cost per year,” said Per Ottosson.

Transformation cost of 6 MSEK is expected in Q4 2020 and Q1 2021. The reduction of the net operating costs will have a positive impact on cash flow from today with full run rate impact from second part of Q1 2021.

As the phases of the COVID-19 pandemic progress, clients across geographies are pressured towards faster digitalization and are now resetting their strategies. With the new SaaS model, customers and partners will be able to:

• Lower the total cost of ownership of Conversational AI-implementations

Teneo solutions can be built in half the time versus building with current Conversational AI-solutions, and scale much faster. 

• Speed up Conversational AI deployments

Artificial Solutions hybrid language model reduces the need for expensive training data and can enable rapid deployment of multi-language solutions.

• Enable rapid prototyping and shorter release cycles

Teneo as development platform and conversational engine solves common pain points within Conversational AI, by rapid prototyping and shortening of the release cycles for market leading conversational bots or virtual agents.

• Improve productivity

Artificial Solutions enables accelerated cloud-based API services. The close engagements with clients such as Skoda and Swisscom have been instrumental in setting the new strategy. 

• Get unique AI Data Insights 

Teneo offers the most powerful conversational data insights toolkit available on the market.

• All new functionality Generally Available today

All new functionality is available as of today both to the benefit of existing customers and customers of other bot platforms.

With the new go to market strategy, Artificial Solutions addresses a larger part of the Conversational AI market, projected to reach USD 16.2 billion by 2024 (Fortune Business Insights).

 “Conversational bots and virtual assistants are today widely deployed, with Teneo our customers can add the today dearly needed AI powered customer support services and omni channel deployments,” continued Per Ottosson. “Having a cloud-based Teneo at the core of their deployments, enterprises can get a faster ROI in their existing conversational AI-investments.”

The shift to a SaaS model will require an internal restructuring to better respond to the demand now emerging. Our software delivery model will continuously improve and provide value to all clients at the same time.

Artificial Solutions believes that Teneo is ideally placed to deliver the combination of Conversational AI capabilities and enterprise features that the market demands in the new world learning to live with the impact of Covid-19.

All new functionality is available as of today both to the benefit of existing customers and customers of other bot platforms. 

This information is such that Artificial Solutions International AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 3:15 p.m. CET on December 9th, 2020.

Artificial Solutions International is listed on Nasdaq First North Growth Market in Stockholm with short name ASAI. Erik Penser Bank is the company’s Certified Adviser (www.penser.se, tel +46 (0) 8-463 83 00, e-post certifiedadviser@penser.se).

For further information:
Per Ottosson, CEO, Artificial Solutions
Email: per.ottosson@artificial-solutions.com

 About Artificial Solutions: 

Artificial Solutions® is the leading specialist in Conversational AI. We enable communication with applications, websites and devices in everyday, humanlike natural language via voice, text, touch or gesture input.

Artificial Solutions’ advanced conversational AI Teneo®, allows business users and developers to create sophisticated, highly intelligent applications that run across 36 languages and dialects, multiple platforms and channels in record time. The ability to analyse and make use of the enormous quantities of conversational data is fully integrated within Teneo, delivering unprecedented levels of data insight that reveal what customers are truly thinking.

Artificial Solutions’ conversational AI technology makes it easy to implement a wide range of natural language applications such as virtual assistants, conversational bots, speech-based conversational UIs for smart devices and more. It is already used daily by millions of people across hundreds of private and public sector deployments worldwide. For more information, please visit www.artificial-solutions.com