RichRelevance, a company which provides over one billion product recommendations daily to consumers shopping some of the world’s largest retail brands including Wal-Mart, Sears, Target, Marks & Spencer and John Lewis, has acquired Avail, Europe’s largest provider of online merchandising platforms.
Based in Sweden, Avail serves more than 80 retail clients, including Argos, La Redoute and Halens. According to RichRelevance, the acquisition combines two customer bases to create a global market leader in personalisation for retail – and unifies the companies’ expertise to create the strongest partner to the retail community at a regional and international scale.
Through this acquisition, RichRelevance gains an immediate presence in new countries, including Australia and India. The combined company ranks #1 for personalisation in both the Internet Retailer 500 and Internet Retailer EU250, now with customers in 29 countries worldwide.
“The combination of RichRelevance and Avail brings tremendous value to our clients in the EU and around the world,” said David Selinger, CEO of RichRelevance.
“Global retail is undergoing a sea change, and there has never been a more exciting or interesting time to be in the retail sector. Tremendous shifts in consumer behavior have put pressure on retailers to adopt new high-impact strategies driven by technology, data and measurement. This acquisition rounds out our ability to support the complete topography of our retail partners’ needs in the EU and across the globe.”
As a combined company, RichRelevance said it creates significant client value through unmatched expertise and understanding of the retail, personalisation and big data markets – at the scale of global commerce. RichRelevance said it will retain key Avail executives and talent who have been instrumental in driving forward the conversation and capabilities in data-driven merchandising over the past decade as part of its ongoing growth strategy. Avail’s CEO Pontus Kristiansson will continue to guide strategy and oversee day-to-day operations. RichRelevance will also maintain key executives and team members in engineering, client services and finance/operations roles to complement the existing RichRelevance EU team.
The addition of Avail’s significant EU retail expertise, together with RichRelevance’s cloud-based personalisation platform, ensures that clients can continue to take full advantage of the cutting edge in personalised retail experiences, the company said.
“The Avail and RichRelevance management teams share a vision of creating new value for retailers through our union,” said Kristiansson. “Personalisation is the path forward, and our clients look to us to lead the way to the most effective strategies for their diverse customers. Now, by joining up with RichRelevance, we can continue to evolve this absolutely essential space more efficiently and effectively.”
“Pontus and the entire Avail team are highly respected in the EU technology community as the leading experts in retail data-driven merchandising,” said Selinger. “As we continue to evolve our company to meet the needs of true global commerce, their perspective and insights will be invaluable for our business and our clients.”
Terms of the acquisition were not disclosed, and Scope Capital and Headwaters MB have acted as financial advisors to Avail prior to and during this transaction.
“We see tremendous potential in the combination of the companies and look forward to contributing to this journey as shareholders of RichRelevance,” said Andreas Ossmark, partner at Scope Capital.