Transforms Search and Discovery Solutions for
Researchers by Delivering Breakthrough AI Technology
Adds $3.6
Million in Annualized Software Subscription Revenue
HENDERSON, Nev., Nov. 27, 2023 /PRNewswire/ -- Research Solutions,
Inc. (NASDAQ: RSSS), a trusted partner providing cloud-based
workflow solutions to accelerate research for R&D-driven
organizations, today announced their acquisition of scite, an
award-winning search and discovery platform that leverages AI to
increase the discoverability and evaluation of research.
The acquisition of scite further enhances Research Solutions'
product offerings and provides cross-selling opportunities to
scite's consistently growing B2C customer base of approximately
21,000 active subscribers, as well as its diverse B2B customer base
of corporate entities, leading academic institutions, and
government agencies.
As of October 31, 2023, the
annualized value of scite's B2C and B2B software subscriptions,
some of which are monthly and some annual, is $3.6 million.
"This partnership aligns both with our ongoing growth strategy
and our focus on creating truly unique and powerful solutions to
meet the needs of researchers throughout the innovation process,"
said Roy W. Olivier, CEO of Research
Solutions. "Similar to Research Solutions, the heart of scite's
success is their unique relationships with publishers, which
enabled them to create the Smart Citation database. This key
asset is now being leveraged in a variety of ways to address
corporate and academic innovation needs. Their remarkable growth,
especially in the B2C and academic categories, is an indicator of
their momentum. Moreover, scite's profitability illustrates their
efficiency and resilience in a competitive market, setting the
stage to further strengthen Research Solutions' position and
continue our upward trend."
scite's Smart Citations go beyond traditional citations by
displaying citation statements, their context within citing
articles, and a classification to indicate whether the paper
supports or contradicts the cited claim. Powering a suite of
research features, this index of over one billion Smart Citations
assists in discovering, vetting, and understanding research
articles. Furthermore, scite Assistant, an AI-powered chatbot,
utilizes Smart Citations to fact-check and validate Large Language
Models like ChatGPT, ensuring a trustworthy, transparent, and
evidence-based "ChatGPT for research."
This acquisition presents a material cross-sell and upsell
opportunity, driving platform revenue growth by providing a
comprehensive suite of research tools to existing Research
Solutions customers, which will enhance workflows from end to end.
With a majority of its revenue currently sourced from B2C and
academic users, scite will strengthen Research Solutions' capacity
to serve academic institutions and leverage scite's unique
capabilities together with Article Galaxy Scholar.
"We're thrilled to join forces with Research Solutions.
Together, we offer an end-to-end solution with unparalleled
capabilities and data," said Josh
Nicholson, Co-Founder and CEO of scite. "By empowering
researchers and companies, we can drive better outcomes,
innovation, and, ultimately, a brighter future."
About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based
technologies to streamline the process of accessing, managing, and
creating intellectual property. Since its founding, the company has
been a pioneer in developing solutions to serve researchers. Today,
more than 70 percent of the top pharmaceutical companies,
prestigious universities, and emerging businesses rely on our
family of products, powered by AI and NLP technologies, to support
the innovation process from end to end with the most comprehensive
information and knowledge tools on the market. For more information
and details, please visit www.researchsolutions.com.
About scite
Established in 2018, scite is a Brooklyn-based startup that revolutionizes how
researchers discover and evaluate research through Smart
Citations. Smart Citations transcend conventional references
by offering in-text sentences, citing relevant sections, and
providing a classification that denotes either support or contrast
to the cited claim. scite's powerful, innovative solutions equip
researchers worldwide in various career stages. The company has
received multiple accolades for its groundbreaking work in
next-generation citations, such as the ISMTE People's Choice Award
and ALPSP Award for Innovation in Publishing.
Important Cautions Regarding Forward-Looking
Statements
Certain statements in this press release may contain
"forward-looking statements" regarding future events and our future
results. All statements other than statements of historical facts
are statements that could be deemed to be forward-looking
statements. These statements are based on current expectations,
estimates, forecasts, and projections about the markets in which we
operate and the beliefs and assumptions of our management. Words
such as "expects," "anticipates," "targets," "goals," "projects",
"intends," "plans," "believes," "seeks," "estimates," "endeavors,"
"strives," "may," or variations of such words, and similar
expressions are intended to identify such forward-looking
statements. Readers are cautioned that these forward-looking
statements are subject to a number of risks, uncertainties and
assumptions that are difficult to predict, estimate or verify.
Therefore, actual results may differ materially and adversely from
those expressed in any forward-looking statements. Such risks and
uncertainties include those factors described in the Company's most
recent annual report on Form 10-K, as such may be amended or
supplemented by subsequent quarterly reports on Form 10-Q, or other
reports filed with the Securities and Exchange Commission. Examples
of forward-looking statements in this release include statements
regarding additional customers, potential acquisitions and the
Company's prospects for growth, profitability, and cash flow.
Readers are cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements are made
only as of the date hereof, and the Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements. For more information, please refer to
the Company's filings with the Securities and Exchange
Commission.
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