Information solutions company Equifax Australia has signed an agreement to pilot IXUP's data collaboration software, in a local partnership with the Sydney-based specialists.
Equifax Australia parent company, Equifax also known as a consumer credit reporting agency, suffered a data breach which resulted in the personal data of 143 million US citizens being accessed in September 2017.
Equifax Australia, previously known as Veda Group, was acquired by the US-based company in February 2016.
Following a technical due diligence process in which Equifax tested the IXUP technology platform, alongside its capabilities to deliver secure data and trusted collaborations, Equifax Australia will now pilot the solution for 12 months.
A non-commercial agreement that works as a collaborative partnership, the goal of the pilot is to demonstrate the value of IXUP’s software for Equifax and other businesses in the data services market, and simultaneously improve the company's experience for users.
Whilst the pilot will not generate any material revenue, IXUP expects the agreement to lead to future commercial arrangements.
“Our strategy is to demonstrate and deliver a superior experience for users of our platform," IXUP executive chairman Tim Ebbeck said.
"We’re excited to have the opportunity to build pilots to enrich the data collaboration experience for Equifax and demonstrate the unique value of our safe, disruptive technology within the data collaboration market."
From a technology perspective, IXUP data collaboration platform allows organisations to keep full control of their data.
A smart encryption and matching process exposes insights and identifies commonalities in the encrypted data sets - it layers these insights, deriving new insights from the enriched data.
The source data remains securely encrypted by the software environment, with the encryption key held exclusively by the owner of the data.
IXUP listed on the Australian Securities Exchange (ASX) in November 2017, days after raising $12.5 million in an initial public offering (IPO).
This is IXUP’s first pilot agreement of its new platform, representing an "important milestone" in the commercialisation process, the company told shareholders on 29 June.