LEXINGTON, MA – December 3, 2009 – StreamBase Systems, a leading provider of Complex Event Processing (CEP) technology, announced today that it has been named a 2010 Technology Pioneer by the World Economic Forum. Candidates for this prestigious award are nominated by the world’s leading technology experts and judged by a distinguished panel appointed by the World Economic Forum. As a recipient of the Technology Pioneer award StreamBase will attend the 2010 World Economic Forum meeting in Davos, Switzerland. Recipients of the Technology Pioneer award include Google, Mozilla, PayPal and Twitter.

“We congratulate the newly selected Technology Pioneers for their remarkable achievements and welcome them to the wider community of the World Economic Forum. During these difficult times, we are certain that the technologies driven by these visionary companies will contribute to the next wave of growth, with the innovative and entrepreneurial spirit that characterizes them,” said André Schneider, Managing Director and Chief Operating Officer of the World Economic Forum.

StreamBase’s Complex Event Processing represents a fundamental shift in database technologies for real-time analysis. Today, as the world moves into a new era of information overload, CEP technology is becoming increasingly important to a growing number of organizations including those in government, healthcare, transportation, finance and e-commerce.

“This is as big an endorsement as it gets - global recognition of the importance of CEP as a critical technology area and the leadership and innovation of StreamBase,” said Mark Palmer (@mrkwpalmer), CEO of StreamBase. “StreamBase was founded based on research at M.I.T. by one of the inventors of the relational database, Dr. Michael Stonebraker.  Dr. Stonebraker, together with our CTO, Richard Tibbetts (@tibbetts) and the StreamBase engineering team, are changing the way technologists think about data.  With CEP, decisions can be made based on what’s happening now, as opposed to what happened yesterday, last week, or last month. One day, we envision all applications will have real-time decision-making capabilities.”

“In-Q-Tel's job is to identify strategic investments to support the mission of the U.S. Intelligence Community, and we sensed the importance of event processing when we helped fund StreamBase years ago,” said Ben Levitan, Partner at IQT, the CIA’s venture capital arm and StreamBase investor. “We are impressed by the company’s leadership in this crucial field, and congratulate StreamBase on their continued success.”

According to Gartner, a leading IT market research firm, the CEP market is growing rapidly and looks to remain that way, reaching a worldwide market size of around $580 million by 2013 with a compound annual growth rate (CAGR) from 2008 through 2013 of 31%⁽¹⁾.

“The use of CEP is growing rapidly not least because of the growing quantity of event based data from computer networks and real-time sensing devices,” said Roy Schulte, VP Distinguished Analyst, at Gartner Research. “For CIOs CEP technologies provide clear business value in a number of ways; first with improved quality in decision making, second with faster response to threats and opportunities, third by shielding business people from data overload and last by reducing the cost of manually reacting to the growing volume of event data in business.”

Now in its 11th year, the World Economic Forum program has identified more than 400 companies worldwide that have been involved in the development of life-changing technology.

StreamBase’s technology leadership has quickly become commercial leadership as well – public customers include the Chicago Mercantile Exchange, CIA, NSA, NASA, ConvergEx Group, Royal Bank of Canada, CMC Markets, BlueCrest Capital Management, PhaseCapital, Kairos Asset Management, Linden Lab (makers of SecondLife.com) and Orbitz.com.

Watch StreamBase’s CEO, Mark Palmer answer some key questions concerning StreamBase’s award winning CEP technology at www.streambase.com/wef or www.youtube.com/streambase.

(1) Gartner, Inc., "Emerging Technology Analysis: Complex Event Processing" by Teresa Jones and W. Schulte, September 8, 2009