Fashion analytics and insights software, Omnilytics, has announced that it is all set to acquire and partner with data labelling platform, Supahands, in a deal worth US $ 20 million.
The Singapore-based software company has launched a strategic acquisition drive to strengthen its core functions and technological capabilities, thereby enhancing long-term growth.
Product Match solution – a dominion under Omnilytics – allows brands and retailers to compare identical and similar stock-keeping units (SKUs) across multiple platforms, gaining valuable insights about the ongoing market pricings for same products.
Existing and emerging e-commerce businesses across the world, such as Global Fashion Group, Southeast Asia e-retailer Zalora, Australia’s largest fashion and sportswear online retailer The ICONIC, Uniqlo’s parent company Fast Retailing, South Africa’s leading retailer Mr Price and Europe’s largest sportswear manufacturer adidas, amongst others, are parts of Omnilytics’ growing global clientele.
Kendrick Wong, CEO and Co-founder of Omnilytics, said, “In recent years, the e-commerce landscape has rapidly evolved, catering to ever-shifting consumer demands. At Omnilytics, our vision is to enable a more intelligent, connected retail ecosystem, enabling brands to stay ahead of their competitors. Our acquisition of Supahands marks a pivotal step in our journey, filling a critical gap in our existing tech capabilities as we take one step closer to becoming retail’s most important data stack.”
The integration of Product Match aims at transforming retail and world trade with intelligent and connected data and actionable insights.
Omnilytics allows retailers to make data-driven decisions accurately at product as well as market levels, followed by reduced risks due to inconsistencies and misclassifications in their product databases, thereby improving overall business performance.
Wong added, “The acquisition of Supahands is set to bring Omnilytics’ Product Match solution to the next level, opening doors to future partnership and innovation endeavours across the e-commerce landscape.”
Headquartered in Malaysia, Supahands is essentially an end-to-end data labelling platform, specialising in development of training data, thereby enabling clients to launch and scale high-performance artificial intelligence (AI) applications for their businesses.
The company’s global clientele includes online consumer marketplace Carousell, SaaS customer experience management platform Sprinklr and retail solutions provider Badger Technologies.
Mark Koh, CEO and Co-founder of Supahands, said, “Accelerating the adoption of AI is at the heart of our business at Supahands, having witnessed first-hand the tangible benefits that artificial intelligence and machine learning can bring to our clients as they strengthen the different pillars of their businesses from analytics to deployment. We are proud to be joining forces with Omnilytics who share our same vision of revolutionising the retail tech ecosystem with unparalleled service and innovation while serving our existing and new clients in other industries.”
Following the acquisition, Koh will join the Omnilytics Board, while taking on the role of Chief Strategy Officer as the company shall continue on its accelerated growth plan for 2022.