BEIJING, March 14, 2018 /PRNewswire/ -- Gridsum Holding Inc. ("Gridsum" or the "Company") (NASDAQ: GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence ("AI") solutions in China, today announced that it has extended its contract with Beijing Gehua CATV Network Co., Ltd. (SSE: 600037) ("BGCTV"), and expanded the scope of service to include its Data Intelligence and Visualization Solutions.
Gridsum began helping BGCTV analyze user trends, content preferences, and conversion rates across their various business lines in November 2016. Gridsum's contract with BGCTV was recently extended and expanded in scope of service to include its Data Intelligence and Visualization Solutions. Gridsum's PC and mobile-friendly Data Intelligence and Visualization Solutions will allow BGCTV to integrate, understand, analyze and visualize multiple layers of data from across their various business lines and networks, both online and offline, internal and external, mobile and fixed, in order to help them improve service optimization and product personalization, and rapidly adapt to a changing market environment for media content.
Mr. Guosheng Qi, Chief Executive Officer of Gridsum, commented, "I'm pleased to have signed a contract extension that further expands our scope of services with BGCTV. Over the past year, we have deepened our relationship with BGCTV, which now has been expanded to include our ground-breaking Data Intelligence and Visualization Solutions, which will help BGCTV to cope with increasing data volumes generated from both its offline and online business lines, and turn that data into a business intelligence and strategy asset. By integrating and analyzing BGCTV's online and offline data in real time, our Data Intelligence and Visualization will enable BGCTV to unlock the value of their data and to make better data-driven decisions. I believe this demonstrates the effectiveness and quality of our solutions and ability to upsell our services to deepen our relationship with clients."
BGCTV was established in September 1999 at the approval of The People's Government of Beijing City. It is the only operator who can build, develop, operate, manage and maintain a cable TV network in Beijing. A New Technology Enterprise endorsed by the Beijing Municipal Science & Technology Commission, it operates broadcasting and transmission of TV programs and provides broadcasting TV network information services. It was on the third year "Top 30 National Cultural Enterprises" list announced on May 13, 2011 and the ninth year list announced on May 11, 2017. Over the years, it pursued mergers and acquisitions of cable TV operations in regions and counties near and far, and by February 2002, made the goal of "one city, one network". Today, with its network covering 18 regions and counties in the city and serving over five million households, BGCTV is a super-size cable TV fiber optic network operator.
Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum's core technology, the Gridsum Big Data Platform, is built on a distributed computing framework and performs real-time multi-dimensional correlation analysis of both structured and unstructured data. This enables Gridsum's customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named "Gridsum" to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company's mission is to help enterprises and government organizations in China use data in new and powerful ways to make better informed decisions and be more productive.
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations from management in this announcement as well as Gridsum's strategic and operational plans contain forward-looking statements. Gridsum may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Gridsum's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: unexpected difficulties in Gridsum's pursuit of its goals and strategies; the unexpected developments, including slow growth, in the digital intelligence market; reduced demand for, and market acceptance of, Gridsum's solutions; difficulties keeping and strengthening relationships with customers; potentially costly research and development activities; competitions in the digital intelligence market; PRC governmental policies relating to media, software, big data, the internet, internet content providers and online advertising; and general economic and business conditions in the regions where Gridsum provides solutions and services. Further information regarding these and other risks is included in Gridsum's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Gridsum undertakes no duty to update such information except as required under applicable law.
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