DALLAS--(BUSINESS WIRE)--Symphony RetailAI, a leading global provider of integrated AI-powered marketing, merchandising, and supply chain solutions for FMCG retailers and manufacturers, today announced the acquisition of ReTech Labs, a global SaaS provider of real-time image capture and recognition technology. Through ReTech’s solutions, retailers and CPG teams can manage on-shelf availability, eliminate out-of-stock issues and distribution voids, and ensure the compliance and execution of planograms, pricing and promotions.
“We’ve had the opportunity to work closely with the ReTech team over the past year to further develop our shelf intelligence solution for leading retail and CPG clients,” said Sy Fahimi, SVP Product Management, Symphony RetailAI. “Officially integrating ReTech’s image capture technology into our category planning suite 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. Together, Symphony RetailAI and ReTech are uniquely positioned to solve for a significant unmet need – a closed-loop store execution and insights solution – amongst our retail and CPG customers.”
Integrating ReTech’s Rebotics technology with Symphony RetailAI’s Customer INsights and Decision Engine (CINDE) will result in high-value category planning solutions for retailers and CPG manufacturers, including shelf intelligence, category insights, intelligent clustering, assortment optimization, shelf planning, and planogram automation solutions. Actionable insights will be provided through the technology, bringing visibility to product availability and share of shelf, while reducing out-of-stock rates.
“Together, ReTech and Symphony RetailAI will deliver even more value to grocery retailers and CPG suppliers,” said Chris Koziol, CEO, Symphony RetailAI. “Augmented with AI-decision support, the capabilities of our combined technology will enable improved space allocation, product placement and on-shelf planogram compliance; plus, continuous measurement of on-shelf availability in store allows for rapid corrective action to address compliance and out-of-stock conditions. This will also help our customers with actionable insights to ensure successful new product introductions, more efficient and effective field team performance, and higher overall return on in-store and promotional investment.”
“This is a significant milestone in ReTech's journey and vision to accelerate retail growth through automation and digitization of physical retail,” said Abhi Beniwal, Founder and CEO, ReTech Labs. “As part of Symphony RetailAI, we will be able to offer our customers end-to-end technology innovation to ensure their stores and product placement are truly optimized for the best consumer experience and revenue growth. We look forward to expanding the suite of capabilities that we offer to our customers in partnership with Symphony RetailAI and delivering even more value to our combined customer base through the use of advanced computer vision and AI technologies.”
ReTech will remain an independent division of Symphony RetailAI, a SymphonyAI company, and Beniwal will continue to lead the division.
To learn more about Symphony RetailAI and ReTech’s combined solution for superior shelf intelligence, visit SymphonyRetailAI.com.
About ReTech Labs
ReTech Labs is a provider of computer vision technology focused on shelf image capture and image recognition for retailers & CPG manufacturers. The company was founded by Abhi Beniwal and has experienced rapid growth over the past few years by building compelling and proven technology solutions that deliver high value to customers. The company’s solutions are currently deployed at several of the top 25 grocery retailers in the U.S. as well as leading international retailers.
About Symphony RetailAI
Symphony RetailAI is a leading global provider of role-specific, AI-powered revenue growth management solutions and customer-centric insights for retailers and CPG manufacturers across the entire value chain. Our proven, industry-leading, AI-enabled software, coupled with the industry’s only conversational natural-language AI interface, CINDE, provides key users with proven prescriptive and preemptive recommendations that make it easy to identify end-to-end growth opportunities, activate plans, and realize measurable profit and revenue growth. Our solutions are specific to key decision-maker roles focused on profitable growth across the retail value chain from source to consumer. With our strong global partner ecosystem, we serve more than 1,200 organizations worldwide, including 15 of the top 25 global grocery retailers, 25 of the top 25 global CPG manufacturers, thousands of retail brands, and hundreds of national and regional chains. Symphony RetailAI is a SymphonyAI company. More at Symphony RetailAI.
About SymphonyAI
SymphonyAI is a leading enterprise AI company delivering digital transformation across the most important and resilient growth verticals, including life sciences, healthcare, retail, consumer packaged goods, financial services, manufacturing, and media. In each of these verticals, SymphonyAI businesses have many of the leading enterprises as clients. SymphonyAI is backed by a $1 billion commitment from Dr. Romesh Wadhwani, a successful entrepreneur and philanthropist. Since its founding in 2017, SymphonyAI has grown rapidly to over 2,200 talented leaders, data scientists, and other professionals.
