Trax, a retail tech unicorn with a valuation of US$1.4 billion, announced today that it has acquired Qopius, a Europe-based image recognition company that has raised close to US$1.8 million.
The company refused to comment on the terms of the deal.
Trax CEO Joel Bar-El said that Qopius’ expertise in digitising supermarket shelves across Europe and phenomenal talent line-up make it a strategic fit for Trax. Trax offers vision and analytics solutions for retail whereas Qopius provides AI-based in-store technology solutions. Both companies are focussed on digital retailing services.
Bar-El expressed that the key to success in retail lies in technology to support employees.
“This means capturing critical shelf data in real-time to enable employees to fix merchandising and availability issues faster than ever before,” he said.
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“Qopius’s mission is to transform brick-and-mortar into a data-driven and frictionless operation while empowering store employees to focus on providing the best customer experience. We are thrilled to join Trax. Together with the reach and resources of the Trax group of companies, we will deliver scalable, easy-to-deploy digitisation solutions to improve the health of every shelf, which will revolutionise how shopping is done today,” said Qopius co-founder Roy Moussa.
Other recent acquisitions by Trax included LenzTech in China (June 2019), Shopkick in the US (June 2019) and Planorama in Europe (July 2019) as reported by DealstreetAsia.
The company’s lead investors are Warburg Pincus, and private equity firms such as BlackRock, GIC and Boyu Capital.
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Image Credit: Trax
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