Omnilytics, Singapore-based fashion analytics and insights provider, has agreed to acquire Malaysian data labelling platform Supahands for US$20 million.
This deal is part of the Singaporean firm’s ongoing strategic acquisition drive to expand its product offerings and enhance its retail tech stack capabilities.
Under this agreement, Supahands CEO will join Omnilytics’s board as chief strategy officer to accelerate Omnilytics’s growth plan for 2022.
“The Supahands deal will help us fill a critical gap in our existing tech capabilities as we take one step closer to becoming retail’s most important data stack,” said Kendrick Wong, CEO and co-founder of Omnilytics.
Founded in 2014, Omnilytics’s proprietary solution, Product Match, enables brands and retailers to compare the same or similar stock-keeping units (SKUs) across multiple platforms and competitors. It improves fashion retailers’ agility through real-time data and competitor analysis by assortment, price, discount, category, colour, size, options, and strategy.
Omnilytics’s clientele includes Zalora, Australia’s fashion and sportswear online retailer The ICONIC, Uniqlo parent company Fast Retailing, and Adidas.
Supahands was started in 2014 to label images, text, speech, and video accurately, enabling clients to launch and scale high-performing Artificial Intelligence applications for their business.
“Accelerating the adoption of AI is at the heart of our business at Supahands. We have witnessed the tangible benefits that AI and Machine Learning can bring to our clients as they strengthen the different pillars of their business from analytics to deployment,” said Mark Koh, CEO and co-founder of Supahands.
Supahands counts online consumer marketplace Carousell, SaaS customer experience management platform Sprinklr, and retail solutions provider Badger Technologies among its global clients.
The startup is backed by Patamar Capital, Cradle Seed Ventures, Axiata Digital Innovation Fund, and 500 Startups. It received an undisclosed sum of the Series A funding in 2019.
AI adoption has become a global trend in the fashion market. Brands such as Alibaba, Nike, Dior and Tommy Hilfiger have developed different AI-powered services to leverage their customer experience.
According to a study by Juniper Research, the global spending on AI technologies by the fashion and retail industry is expected to reach US$7.3 billion each year by 2022. The Southeast Asia fashion market has also jumped the bandwagon, with well-known brands such as Pomelo employing AI to offer this June’s demand forecasting service.
Image credit: Omnilytics
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