Israeli AI-based SaaS platform for dynamic pricing in the cloud Quicklizard (TASE: QLRD) has reported revenue growth of 60% in 2020 to $2.8 million compared with 2019 while gross profit ratio rose to 75%. The company has seen 285% revenue growth since 2019 and expects accelerated sales growth this year.
Last month, the company completed an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE), and raised NIS 45.5 million. The system developed by Quicklizard optimizes economic data for informed business decisions in order to increase profit and revenue of online websites or retail stores and realize commercial potential in online commerce and physical stores.
Quicklizard CEO Pini Mandel said, "Quicklizard's financial results for the end of 2020 prove that for the second consecutive year, 2020 showed the potential that is contained in the dynamic pricing system, and this year we expect a 60% increase in revenue and 75% in ARR."
"Over the past month, since we became a publicly-traded company, we have been dedicated to global expansion and assisted by the capital that we raised, we can apply our vision to expand globally and enter new markets, and we can speed up development of products and hire additional quality staff, in order to consolidate our global leadership and create value for our investors. Last month alone, we hired 10 employees to strengthen and broaden our sales and marketing operations in target markets such as France, UK, Germany, Switzerland, Austria, Belgium, Netherlands, and Spain. In addition, later in the year we will hire sales teams especially to expand in the United States and Scandinavian markets, in order to meet the company's strategic targets over the coming years."
"In addition to strengthening the sales and marketing network, Quicklizard continues to strengthen its R&D activities. We are placing an emphasis on continued accelerated development of AI-based algorithms and developing new products that are expected to enter the market in the coming months. These products will allow clients to respond and price more precisely, based on inventory, geographic location and demand; combined with use of a very wide range of different data sources within and outside of the organization. These developments will provide the client with the ability to accurately foresee and the awareness to adjust different prices to different markets."
"Looking at the market and due to the global pandemic, we expect a turning point among our large and medium-sized clients, who are thirsty for change and a solution for analog pricing systems in their business. There can be no doubt that Covid-19 has highlighted the need for dynamic pricing and strengthened the realization that in order to cope with changing demand in various channels, a dynamic AI based approach must be taken."
"The product that we have developed, leads in comparison to rival companies in Europe, due to our technological advantage. With above all else, Quicklizard's unique multi-channel pricing system stands out by allowing global clients from different countries and with different types of currencies, to adjust and to change prices both in physical stores and online. The changes that can be implemented do not end at client level, our system also allows developers, in-house at the client, to make constant changes in the system, independently and according to existing needs - this is a genuine revolution that creates value for clients."
"The company operates in a range of sectors such as electronics, food, DIY, fashion, sport, department stores, niche retailers, and pharmacies - an area seen as strategic for it."
The company is currently operating in over 20 countries where most of its clients are B2C companies, which sell products and services online and in physical stores, in a range of areas of activity such as electronics, food, DIY, fashion, books, sport, pharmacies, department stores and retail niches. The platform developed by the company is suitable for all areas of retail activity.
Most retailers currently operate by making decisions about the prices of products and special offers manually, through excel spreadsheets, and not through specially designed systems. Assisted by installing the platform developed by Quicklizard, its clients can progress within just 30 business days from installing the platform to smart and dynamic pricing. In addition, the company's clients can select the method of pricing which suits and matches their needs.
Published by Globes, Israel business news - en.globes.co.il - on March 29, 2021
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