Retail technology unicorn Trax announced that it has acquired Paris-based AI in-store technology solutions provider Qopius for an undisclosed amount, marking yet another international acquisition by the Singapore-based tech firm.
The deal follows three other recent acquisitions by Warburg Pincus-backed Trax, including LenzTech in China (Jun 2019), Shopkick in the US (Jun 2019) and Planorama in Europe (Jul 2019).
Financial details of the Qopius deal were not disclosed but Trax said the acquisition will “deepen and broaden” its reach within the grocery retail space.
“Qopius’ proven expertise in digitizing supermarket shelves across Europe and phenomenal talent make it a strategic fit for Trax,” co-founder and CEO Joel Bar-El said.
Co-founded in 2015 by Antonin Bertin and Roy Moussa, Qopius features hardware-agnostic computer vision platform that helps retailers monitor in real-time on-shelf inventory for out of stocks, compliance, inventory levels and price integrity at scale. Its customers include leading retailers such as Carrefour, Casino, Metro, and MediaMarktSaturn Retail Group.
“Together with the reach and resources of the Trax group of companies, we will deliver scalable, easy-to-deploy digitization solutions to improve the health of every shelf, which will revolutionize how shopping is done today,” Moussa said
The acquisition comes at a time when “exceptional customer experience” has become the rallying call of every retail executive. According to a research study conducted by Trax and Coresight, 80 per cent of retail executives believe consistent in-store execution remains the biggest impediment to customer satisfaction.
“The key to retail success in the new decade is using 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,” Bal-Er said.
Trax reached a valuation of around $1.2-1.3 billion in July last year after closing a $100-million Series D round led by Asian alternative asset manager HOPU Investments.
Founded in 2010 by Bar-El and Dror Feldheim, Trax provides computer vision solutions for retailers and brands through computer imaging technology and machine learning. It operates in over 50 countries globally, counting brands like Coca-Cola, Heineken, Nestle and Henkel among its clients.