Algonomy, a company in artificial intelligence (AI) and algorithmic decision-making software for retail and consumer verticals, on Wednesday (5), announced its intent to acquire the business of Colombo-based Linear Squared, a cloud-based technology company specialised in building demand planning and forecasting products using AI and machine learning (ML) technologies for consumer packaged goods (CPG), the grocery retail industry, and other target industries. The proposed acquisition is subject to corporate and regulatory approvals.
“The intended acquisition would allow Algonomy to augment its product offering for consumer products and grocery retail industry segments by integrating Linear Squared’s best-of-breed demand planning and forecasting product technology into Algonomy’s retail merchandising and supply chain solutions portfolio. It would also allow Algonomy to meet its objective of quickly and efficiently, scaling up its AI technology operations by setting up a highly skilled AI and ML Engineering Centre of Excellence in Sri Lanka,” said Algonomy Founder and Chief Executive Officer (CEO) Atul Jalan.
Linear Squared (Pvt.) Ltd. specialises in developing SaaS products leveraging on a combination of cutting-edge technology (machine learning, AI, cloud platform) and statistical models to deliver solutions to business problems across multiple domains including CPG, grocery retail, apparel, FMCG, financial services, and telecom. Based out of Sri Lanka, it is home to the largest pool of AI and ML engineers in the country.
“We founded Linear Squared with a vision to deliver ready-to-use AI and ML-driven products that convert data to proactive actions to solve some of the most complex industry problems. We have spent the last six years building fantastic products that receive validation from global customers every day,” said Linear Squared CEO and Co-Founder Sankha Muthu Poruthotage.
The product portfolios of both companies are complementary in nature. Hence, the consolidated product portfolio can deliver substantial value to customers by providing an end-to-end algorithmic solution.
“We’re excited at the prospect of joining Algonomy, which will help take our innovations to a much broader customer base at a faster pace than on our own. In the short-term, it will improve time-to-market and business growth of our supply chain AI solutions for CPG and grocery retail segments. It will also provide significant opportunities of collaboration and growth for Linear Squared employees who will be within the umbrella of a world-class product engineering organisation. In the long-term, as we expand the centre, we expect it to become an integral part of Algonomy’s global Product and R&D operations to serve multiple product lines,” added Poruthotage.
Algonomy (previously Manthan-RichRelevance) empowers leading brands to become digital-first with the industry’s only real-time algorithmic decision-making platform that unifies data, decision-making, and orchestration across marketing, digital commerce, and merchandising for the retail industry.
Algonomy announces intent to acquire Linear Squared
07 Jan 2022
Algonomy announces intent to acquire Linear Squared
07 Jan 2022