Cape Breton-founded AI business merges with Swiss International Exchange
SYDNEY, N.S. —
A major stake in a Cape Breton-created company known for its work in developing artificial intelligence and language understanding technology has been sold to the Swiss International Exchange (SIX).
The merger via growth investment involves Orenda Software Solutions, started in 2015 in Sydney by Tanya Seajay, which specializes in environment, social and governance (ESG) and alternative data sets.
“SIX has a strong commitment to both innovation and sustainability,” stated Seajay, Orenda founder and CEO, in a news release.
“We had previously announced a sales partnership with SIX, this new step enables Orenda to accelerate its expansion to a much broader global customer base and to develop new solutions that combine the vast securities database of SIX and Orenda unique skillset.”
Orenda now operates out of Ontario and has an office in Membertou.
Five of its 10-member team of professionals in the fields of artificial intelligence, alternative data, social science and finance are employed in Cape Breton.
The company delivers real-time, high-frequency ESG scores and insights into an organization’s reputation "to help measure the sustainability and societal impact of an investment," according to a news release on the merger.
“You can see in real-time if trust is increasing or eroding,” Seajay told the Post in a March 2020 interview after Orenda received a conditionally repayable contribution of $440,000 from the Atlantic Canada Opportunities Agency and up to $418,800 from the National Research Council.