Singapore-headquartered retail-focused computer vision and analytics firm Trax has acquired Survey.com that provides sales activation and merchandising services to emerging and mid-market consumer packaged goods (CPG) brands, according to a statement.
Financial details of the transaction were not disclosed.
With the acquisition, Trax will combine both companies’ technologies, product offerings to customers as it aims to create a merchandising system for physical retail.
Headquartered in Boston, Survey.com claims to have a workforce of over 700,000 people across North America. Its acquisition broadens Trax’s reach across the entire spectrum of CPG brands, thereby deepening its value proposition helping it go beyond data and insights, to include delivery of business results and revenue.
“This acquisition allows Trax to serve the unique needs of emerging/mid-market brands, a segment that is a significant source of growth in CPG today,” Trax chief commercial officer and co-founder Dror Feldheim said.
Founded in 2010 by Joel Bar-El and Feldheim, Trax provides computer vision solutions for a host of 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.
Trax’s is backed by Warburg Pincus as its largest shareholder, which owns a 20 per cent stake in the company. Its other investors include Boyu Capital, Investec and GIC. The co-founders’ stakes, meanwhile, stand at about 4 per cent each.
Last July, we reported that Trax closed a $100-million fundraise in its Series D round, led by Asian alternative asset manager HOPU Investments that pegged the company’s valuation at $1.2-1.3 billion.
This is not the first overseas acquisition of Trax this year. In February, Trax acquired Paris-based AI in-store technology solutions provider Qopius as it been actively undertaking the inorganic growth route to expand its operation in the overseas market.
Prior to that, the company has also acquired LenzTech in China (June 2019), Shopkick in the US (June 2019) and Planorama in Europe (July 2019).