Singapore-based Trax to take over California awards app Shopkick
Category: #retail  By Pankaj Singh  Date: 2019-06-26
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Singapore-based Trax to take over California awards app Shopkick

Combining shelf and shopper data will enable new and powerful insights to the FMCG companies and retailers

Trax, a computer vision technology startup based in Singapore has reportedly acquired California based- Shopkick.

For the record, in 2010, Trax was founded by Bar-El and partner Dror Feldheim in Singapore. It is a computer vision technology company and is used by FMCG companies and retailers in over 50 countries. The assist their clients such as Coca Cola and Henkel to collect, measure and analyze how their products are executed on the physical shelf. The company considers New York based private equity firm – Singapore’s GIC Pte, Warburg Pincus and Chinese firm Boyu capital among its shareholders.

Joel Bar-El, CEO, Trax reportedly quoted that combining shelf and shopper data will enable new and powerful insights to the FMCG companies and retailers. Shopkick’s service will assist in providing data and insights into customer behavior and loyalty for its clients like Unilever, Lego, eBay and General electric, he further added.

Additionally, the transaction comes as Trax signed a deal to raise $100 million at a pre-money valuation of around $1.1. billion, making it the second most valuable in Singapore after Grab. The funding round aimed at financing acquisitions including a Beijing computer vision startup, LenzTech Co. Trax also plans to buy a European competitor, Joel added.

Citing sources, Trax proposes to launch an initial public offering (IPO) in the next 18 to 24 months and may have a dual listing after Singapore Exchange approached the company.

Apparently, Shopkick consists of over 150 employees in California and will function as an independent unit of Trax.

For the uninitiated, the Shopkick app allows shoppers to earn rewards and gift cards by browsing offers online, watching videos, scanning product barcodes on shelves or by walking into stores.

Source Credits: https://www.bloomberg.com/news/articles/2019-06-24/singapore-s-trax-acquires-u-s-retail-rewards-app-shopkick



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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