In the long run, we expect AI technologies to become very broadly embedded into enterprise software applications and software, much as business intelligence ("BI"), reporting and analytics features have increasingly been directly incorporated into enterprise applications in the last decade. Company related disclosures: Issuer Company Ticker Applicable Disclosures Constellation Software Inc. CSU-T 7, 9 Shopify Inc. SHOP-N 7, 9 OpenText Inc. OTEX-Q 7, 9 Kinaxis Inc. KXS-T 7, 9 Descartes Systems Group Inc. DSGX-Q 7, 9 Absolute Software Inc. ABT-T 7, 9 BSM Technologies Inc. GPS-T 7, 9 Symbility Solutions Inc. SY-V 7, 9 ProntoForms Corp. PFM-V 1, 3, 7, 9 Redline Communications Inc. RDL-T 7, 9 See legend of Disclosures on next page. Definitions "Research Analyst" means any partner, director, officer, employee or agent of iA Securities who is held out to the public as a research analyst or whose responsibilities to iA Securities include the preparation of any written report for distribution to clients or prospective clients of iA Securities which includes a recommendation with respect to a security. Technology Sector Blair Abernethy, CFA August 17, 2017 Page 27 Analyst's Certification Each iA Securities research analyst whose name appears on the front page of this research report hereby certifies that (i) the recommendations and opinions expressed in the research report accurately reflect the research analyst's personal views about the issuer and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Natural language processing (NLP) is a technology spawned from the need for machines to understand and communicate with humans in human language, not formal computer languages. The concept behind NLP is simple: if and when machines can understand and communicate with humans in natural (human) language, it democratizes data science, enabling humans to access, analyze, and leverage data more intelligently and become more efficient as they offload redundant, data-heavy tasks to machines. According to a new report from Tractica, while NLP is most commonly understood as a user interface (UI) technology, it is also a critical technology for extracting insights and analysis from a vast amount of previously unindexed and unstructured data, mining video and audio files, emails, scanned documents, and more. Tractica forecasts that these expanded applications, leveraging newly developed artificial intelligence (AI) techniques, will drive growth in the NLP software market from $136 million in 2016 to $5.4 billion by 2025. The market intelligence firm anticipates that NLP software deployments will drive significant additional sales of hardware and professional services, bringing the total NLP software, hardware, and services market opportunity to $22.3 billion by the end of the forecast period.

Facebook announced today that it is using artificial intelligence to make sure that 360-degree photos uploaded to the social network look their best when other people view them. The company laid out a system at its @Scale conference today that uses deep neural networks to try to correct for common orientation errors with the photos that are uploaded. If someone taking a 360 degree photo doesn't hold the camera perfectly in line with the horizon, the resulting image can be tilted, which makes it harder to read and breaks the sense of immersion if the image is being viewed in virtual reality. Facebook's system takes in a photo and outputs a pair of values for the tilt and roll correction needed to bring the horizon of the photo in line. That way, it doesn't feel like users are viewing a crooked image when they look around a scene.

Frost & Sullivan's research, Disruption in Global Financial Services, 2017--Machine Learning is Imperative, provides an overview of ML market dynamics, including technology trends, drivers, and challenges for adoption. Case studies and profiles of some of the key players in the report cover Google, IBM, Orange, Swisscom, Onfido, Darktrace, Klarna, Infosys, SAP, and Rasa.ai. To access more information on this analysis, please visit: https://goo.gl/4CtAwr "The biggest advantage of ML solutions is their ability to learn from every transaction and instance. Today, companies and consumers are more comfortable with hybrid services. However, the fact that machines are evolving at a rapid pace, learning continuously and using this knowledge to improve customer satisfaction and experience is the biggest differentiator," stated Digital Transformation Senior Industry Analyst Deepali Sathe.

In 2014 the world came into contact with Artificial Intelligence (AI) for the home with the release of Amazon Echo. This type of personal AI had been introduced previously in the mega-hit movie "Iron Man' with the AI system called "Jarvis." The main character Tony Stark uses Jarvis for anything he needs executed: lighting, television, phone calls, dinner orders, simple chores and computer data analysis. Up to a few years ago, people thought this was only possible in movies and fiction. One start-up company in New Jersey attempted to reinterpret and repurpose existing leisure drones with an added benefit of AI.

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so.

ST. LOUIS September 12, 2017 Amdocs (NASDAQ: DOX), a leading provider of software and services to communications and media companies, is launching Smartbot, an artificial intelligence (AI) and machine learning-based bot that enables digital service providers (DSPs) to provide customer care, sales and marketing engagements to even the most discerning millennial. Amdocs Smartbot with Microsoft Cognitive Services, specifically Microsoft Language Understanding Intelligent Service and Text Analytics API, provides leading DSPs with the ability to transform how they deliver highly personalized, self-service interactions with customers that are simple, quick and helpful. As an Amdocs commissioned global study1 that surveyed over 7,000 consumers and enterprises today revealed, bots lack the intelligence and emotional awareness to address complex consumer issues and must evolve from rules-based bots to AI smartbots. Amdocs' new Smartbot addresses this gap as it is integrated with industry domain knowledge of DSP best practices and business processes. Also, with Amdocs Smartbot's deep integration with the service provider's core information systems such as CRM, order management and product catalog, DSPs can now see a 360-degree view of the customer and understand the context of the interaction, enabling them to grow care-to-commerce revenue by making more relevant predictive care and promotional offers to customers.

As digital giants swallow a growing share of shoppers' spending, thousands of stores have closed and tens of thousands of workers have lost their jobs. Belinda Duperre, who sold jewelry at Sam's Club in Fall River, Mass., was one. In early 2016, the struggling store closed. But Ms. Duperre, a lifelong resident of the once-thriving factory town an hour south of Boston, went from victim of the digital revolution to beneficiary. Inc. announced plans to hire 500 full-time workers for a new 1.2-million square foot fulfillment center on the outskirts of town.

Amazon has announced plans for a new machine learning-focused research and development (R&D) hub in Barcelona and expects to hire more than 100 engineers and scientists when it opens in early 2018. Located in the urban renewal startup area known as 22@, the R&D center will be housed in the very same building as the company's recently announced Amazon Seller Support Hub, which is scheduled to open around the same time and which will help small online companies from Southern Europe sell on Amazon Marketplace. "We want to work closely with Spain's scientific community and universities to advance state of the art research in machine learning," noted Ralf Herbrich, Amazon's director of machine learning. Amazon has been on something of a hiring spree of late, having recently revealed plans to increase its headcount by 55 percent to 280,000 in the U.S. alone over 18 months. Just yesterday, the company announced that its first fulfillment center in New York state will be landing in Staten Island, while a few months ago Amazon posted 50,000 warehouse jobs in the U.S. Over in Europe, the company has been hiring across multiple disciplines, including machine learning.

IBM (NYSE: IBM) and MIT today announced that IBM plans to make a 10-year, $240 million investment to create the MIT–IBM Watson AI Lab in partnership with MIT. The new lab will be one of the largest long-term university-industry AI collaborations to date, mobilizing the talent of more than 100 AI scientists, professors, and students to pursue joint research at IBM's Research Lab in Cambridge--co-located with the IBM Watson Health and IBM Security headquarters in Kendall Square, in Cambridge, Massachusetts--and on the neighboring MIT campus. In 2016, IBM Research announced a multi-year collaboration with MIT's Department of Brain and Cognitive Sciences to advance the scientific field of machine vision, a core aspect of artificial intelligence. Currently, the Computer Science and Artificial Intelligence Laboratory, the Media Lab, the Department of Brain and Cognitive Sciences, and the MIT Institute for Data, Systems, and Society serve as connected hubs for AI and related research at MIT.