Dallas-based enterprise artificial intelligence provider Symphony RetailAI, which serves global retail and CPG companies, announced it has acquired ReTech Labs, which specializes in image-capture and image-recognition technology.
The two companies have worked together for the past year on further building out Symphony RetailAI's AI-powered category-planning and inventory-management offerings. Sy Fahimi, Symphony RetailAI's SVP of product management, said in a news release that formally integrating ReTech's Rebotics technology into the company's Customer Insights and Decision Engine (CINDE) "will close the loop for clients as they plan, monitor and analyze what is happening at the shelf in their stores in near real time."
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Financial terms of the deal were not disclosed. ReTech Labs will operate as an independent division of Symphony RetailAI, itself part of four-year-old SymphonyAI, and ReTech will continue to be led by its founder, Abhi Beniwal.
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Beniwal called the acquisition a "milestone in ReTech's journey and vision to accelerate retail growth through automation and digitization of physical retail." Continuous monitoring of on-shelf product availability and insights provided by digitized, context-rich views of stores can support assortment optimization, promotion management and new-product introductions, according to the companies.