FAIRFAX, Va., June 03, 2021 (GLOBE NEWSWIRE) — Information Analysis Incorporated (OTCQB: IAIC) (“IAI”) today published an investor presentation which can be accessed on the company website at IAIC June 2021 Investor Presentation.
As noted in the presentation, the sharp increase in remote workers and strain on computer systems of government agencies, such as unemployment offices, during the COVID-19 pandemic have highlighted the urgent need for modernization of many key government agencies that currently rely on outdated COBOL computer code. Private sector industries are also in need of significant modernization, with the financial industry noted as being heavily reliant on COBOL.
Key items noted in the presentation include:
- Contracted backlog of $43.1 million as of April 30, 2021; Q1 2021 revenue growth of 66%; Adjusted EBITDA of $340,000
- Recent Board of Directors additions by IAI are expected to significantly enhance the company’s acquisition strategy
- IAI’s recent acquisition of Tellenger is expected to be accretive while adding important cybersecurity and cloud solutions capabilities to the company’s product suite
- There are approximately 220 billion lines of COBOL code currently in use, according to a Reuters report1
- The cost to modernize each line of COBOL code ranges from $5 to $10 per line
- 43% of banking systems in the US currently operate on COBOL
- A number of critical government agencies, such as the Department of Homeland Security and the Social Security…
