Image Retail Analytics Company Trax Acquires Shopping Rewards App Shopkick
The financial details of the deal were not disclosed, but one person familiar with the matter placed the sum at around $150 million
For daily updates, subscribe to our newsletter by clicking here.The deal is a cash and stock transaction, the person said, which will see SK Telecom receive Trax stock worth $50 million.
Founded in 2010 by CEO Yoel Bar-El and Dror Feldheim and headquartered in Singapore with global offices in Asia-Pacific, Europe, and the Americas, Trax offers retailers image recognition and computer vision analytic tools. The company also has a research and development center in Tel Aviv that employs 150 people. Among its customers are some of Coca Cola's anchor bottlers and Henkel AG & Company. In July, the company completed a $125 million round led by Boyu Capital according to a company valuation of $850 million. Bloomberg recently reported that the company is raising a new $100 million round at a $1.1 billion valuation.
Shopkick will continue to operate independently following the acquisition, according to the announcement.