RichRelevance, which specializes in “experience personalization” solutions, and Manthan Software, the cloud analytics provider, have finished their merger to form a re-branded company: Algonomy.
In a statement, Algonomy said its solution now “allows companies to rapidly unify all customer data in a single platform for real-time AI-based decisionmaking.”
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Terms of the deal were not disclosed.
The company said with the new entity, retailers and brands “of all sizes can finally place ‘digital’ at the core of their business to orchestrate, personalize and activate customer journeys, designed to drive immediate engagement, lift and ROI across the lifecycle.”
The merger follows a year of retailers and brands stepping up digital processes to meet new consumer demands. Algonomy chief executive officer Atul Jalan, who held the role of Manthan Software’s CEO, said as “we saw during the pandemic, our customers have seen the importance of being able to quickly pivot to become digital-first, and leverage AI to make quick decisions.”
Jalan said the company’s Algorithmic Customer Engagement platform “has the power to transform retailers into algorithmic businesses that are responsive to individual consumers, delivering the hyperpersonalized experiences that drive sales and loyalty.”
The company noted that its solution is used by more than 400 retailers and consumer brands as well as quick-serve restaurant chains and convenience stores.
The genesis of the merger and founding of the new company is based on the “mission of using AI to power digital as the ‘new normal’ for consumer brands across the globe,” the company said, while noting that the name of the new company is a combination of algorithms (algo) and knowledge (nomy).
Raj Badarinath, chief marketing officer, said the retail industry “is desperately looking for a digital-first AI solution” and said the future of analytics is “algorithms that not only aggregate data and report, but which are also capable of making decisions in real-time.”
Dr. Mark Chrystal, chief analytics officer at Rue21, a customer of the solution, agreed with Algonomy executives about the need for leveraging these technologies. He said the future of retail is algorithms, and said the merger is a step in the right direction. “We feel confident that with the deep retail domain experience and actionable algorithms that Algonomy brings to the table, we will be able to drive better results for our customers at Rue21 during times of disruption,” Chrystal said.