Gap Inc acquires CB4 artificial intelligence company
Marketing Dive says that as part of an ongoing technical effort, Gap Inc. They just acquired Context-Based 4 Casting for an undisclosed amount. CB4 is a retail technology startup that uses artificial intelligence and machine learning to drive sales and improve customer experience.
The deal was brokered by Gap's Strategic Growth Office. As part of the agreement, CB4 employees will join Gap Inc.'s workforce. Full time, according to the ad. CB4 technology has been implemented by retailers such as Levi's, Urban Outfitters and Lidl.
Gap Inc. was A hand in financing or acquiring other retail technology companies recently. In August, the retailer acquired Drapr, an e-commerce technology company that provides experimental 3D virtual tools. Over the summer, the company also participated in a funding round for Obé Fitness, a home fitness platform. Sally Gilligan, Chief Growth Transformation Officer and Head of the Strategic Growth Office at Gap Inc. , in a statement:
“We believe that artificial intelligence and machine learning will shape the future of our industry. Gap Inc. has experience working with global data scientists at CB4, so we understand the broad impact and applications their science can have across sales, inventory and consumer insights, as well as its ability to unlock value and enhance customer experience".
But as the brand buys and invests in technology companies , it has also given up on other brands. This year, the company sold Janie and Jack to its Go Global Retail brand investment platform, just two years after its acquisition. In May, the retailer announced that it would sell Intermix to private equity firm Altamont Capital Partners.
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