The award was announced at Frost & Sullivan's annual Growth, Innovation and Leadership Executive Congress (GIL 2015: Middle East) at the Atlantis, The Palm in Dubai.

Contify has developed a finely balanced hybrid platform which fuses machine learning and human analysis into one unified market intelligence solution.

Contify customers get unadulterated market signals, categorised within custom taxonomies, vetted both by algorithms and human analysts enabling users to immediately leverage intelligence instead of spending countless hours researching for reliable information.

Frost & Sullivan’s New Product Innovation Award for “Competitive Intelligence Platforms” is bestowed upon an organisation that demonstrates best practices under the following major performance criteria-New Product Attributes and Customer Impact- which were used to benchmark the New Product Innovation Award.

Frost & Sullivan evaluated the key challenges in the majority of competitive intelligence solutions available in the market for enterprises and identified the major solution providers in MENASA.

"Analysing the propositions and feature-set offered by each shortlisted nomination and based on ratings for the above mentioned criteria, Frost & Sullivan presented this prestigious award to Contify for its cutting-edge solution," read an official statement.

Anand S, Senior Director, Frost & Sullivan, said, “Traditional market intelligence solutions play a limited role, only allowing the collection and analysis of the same data sets of the same market for every firm, which does not translate into a tangible competitive advantage for organisations."

Anand S further said: "Owing to this, there is a need for a personalised intelligence solution that can analyse the exact data sets and variables of interest for an organisation and provide a comprehensive view of the market, competitors, customers, and the industry.  Within this context, Frost & Sullivan is pleased to recognise Contify as the recipient of this prestigious award.".

Mohit Bhakuni, Founder & CEO, Contify, said, "In the long run, all information is public information. But with specialised tools to listen for signals and recognise patterns on a chaotic Internet, Market Intelligence teams can anticipate forthcoming changes and empower their business leaders with timely and relevant intelligence."

" With our existing customers, we've seen that Contify has created greater market awareness across business verticals within their organisations. I think this award by Frost & Sullivan is a further validation of the value that market intelligence teams are getting from using Contify," Bhakuni said.