[Click eStock] "Biimatrix, AI Software Sales Have Begun"

Hana Securities analyzed on the 25th that BI Matrix is transforming into an artificial intelligence (AI) software (SW) platform company.

Founded in 2005, BI Matrix is a low-code based system construction platform company that helps minimize coding to perform tasks.

Seongho Kim, a researcher at Hana Securities, explained, "They have secured over 700 major clients over 20 years," and added, "We expect an increase in AI SW platform penetration among existing clients."

BI Matrix recorded sales of 9 billion KRW and operating profit of 1.3 billion KRW in the third quarter of this year. Compared to the same period last year, sales increased by 77.3%, and operating profit turned positive.

Researcher Kim noted, "The noteworthy point is that AI solution sales amounted to 1.9 billion KRW," and analyzed, "Previously, BI solutions accounted for most of the sales, but we expect an increase in the proportion of AI SW sales, which have relatively high average selling price (ASP) and profitability."

He continued, "AI solution sales were generated from three major domestic conglomerates, which are existing clients," and added, "Based on this experience, it is possible to achieve AI SW performance growth through new adoption by subsidiaries of domestic conglomerates and existing clients."

He concluded, "It is an AI SW platform company capable of achieving meaningful results as an AI SW platform provider."