US clothing and accessories retailer Gap Inc. (NYSE: GPS) has announced that it has acquired Israeli retail analytics company Contex-Based 4 Casting Ltd. (CB4). No financial details were disclosed.
CB4 develops solutions based on AI and machine learning tools that make the shopping experience easier and more rewarding for store teams and customers. Prof. Irad Ben-Gal and Dr. Gonen Singer founded CB4, following an innovative research project in Tel Aviv University. Yoni Benshaul joined early to manage the company as a CEO. CB4 has offices in Tel Aviv, New York and London.
According to Start-Up Nation Central, CB4 has raised $22 million since it was founded from Sequoia Capital, Pereg Ventures, Sonae IM and Octopus Ventures. CB4’s technology has been implemented by retailers including Levi’s, Urban Outfitters, Lidl, and Kum & Go.
"We believe artificial intelligence and machine learning will shape the future of our industry. Gap Inc. has experience working with CB4’s world-class data scientists, so we understand the impact and the wide applications their science can have across sales, inventory and consumer insights, as well as its potential to unlock value and enhance the customer experience," said Sally Gilligan, Chief Growth Transformation Officer, and head of the Strategic Growth Office at Gap Inc.
As part of the acquisition, CB4’s team will join Gap Inc. as full-time employees.
CB4 CEO Yoni Benshaul said, "CB4’s AI helps lift sales and enhance customer experiences. As we join Gap Inc., I’m excited to see how our team can drive even broader and deeper impact at the company’s global scale."
Published by Globes, Israel business news - en.globes.co.il - on October 5, 2021
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