March 19, 2014
Text Analytics Firm Earns a Record $10M in Sales
By Steve Anderson
Contributing TMCnet Writer
Linguamatics is a text analytics company located in Cambridge, England with an office in Boston, Mass. While some out there may never have heard of this company, what it offers is quite a valuable service, especially to those users out there who both have heard of Linguamatics and recently helped propel it to a record year of sales. The company recently announced that it had cleared $10 million in sales for 2013, and looks to carry on from there.
Linguamatics' focus is in text analytics, meaning that it can analyze large quantities of text-based information to find patterns and trends that can be used in decision making, with a particular focus on how to respond to those patterns and trends that might ordinarily have gone unnoticed. For instance, in Linguamatics' case, users can feed scientific literature, electronic health records, news feeds, social media posts and more into the system and let the system return conclusions based on key words and phrases contained within said documents. Using Linguamatics might, for example, discover a lot of social media posts complaining about the food at a hospital or the service at a restaurant, and spit that conclusion back out for decision makers to analyze and put to use.
This is nothing that a particularly dedicated employee couldn't accomplish, of course, and even with a degree of analysis thrown in. But the Linguamatics system is designed to sift through large quantities of data—much more than our hypothetical employee could—in a shorter amount of time. Many companies—particularly those in the healthcare market—are coming to realize this point, and as such are turning to the Linguamatics system in increasing numbers. Indeed, Linguamatics realized 130 percent growth in the healthcare sector alone, but also saw increased sales on the professional services front as well. The growth of customer numbers, along with the increase in software licensing, drove up sales to clear the $10 million mark, which outperformed the company's own projections. The company now counts 16 of the world's 20 top pharmaceutical companies as clients, along with a host of hospitals, cancer institutes, research institutions and even the United States' own Food and Drug Administration (FDA) as clients.
Linguamatics' Executive Chairman, John M. Brimacombe, offered up some commentary on the company's 2013 performance, saying: “Our continued growth and success comes from our ability to respond to the demanding requirements of the pharmaceutical and healthcare industries to solve their big data problems...I'm excited about our future development plans and their potential impact on helping to bring drugs to market faster and improve patient outcomes.”
In the general sense, the healthcare market is a big one, and it's products like this that show us why it's as big as it is. Not only is there the issue of all the things that generate so much data in the first place—the various machines involved in monitoring patients, but also the various research apparatuses that bring new information to the field daily—but there's also the issue of how to apply that data in a fashion that best serves the field's customers: patients. But Linguamatics can go beyond the healthcare market and offer up services on other fronts, which explains why the growth has been so clearly rapid.
There's probably room in this field for competitors, but for now, Linguamatics will likely continue to make hay while the sun is so clearly shining on the text analytics sector.
Edited by Alisen Downey