Gap Inc. (NYSE: GPS) acquired Context-Based 4 Casting, a New York and Tel Aviv based startup that uses AI and machine learning tools to transform retail operations, increase sales and improve the customer experience through predictive analytics and demand sensing.
The amount of the deal was not disclosed.
The deal was brokered by Gap Inc.’s Strategic Growth Office, a unit of the company that seeks out opportunities to fuel growth and accelerate new capabilities across its portfolio of brands. As part of the acquisition, CB4’s team will join Gap Inc. as full-time employees.
Co-founded by Prof. Irad Ben-Gal and Dr. Gonen Singer and led by CEO Yoni Benshaul, CB4 provides a technology platform making recommendations that support new sales and customers. Funded by investors including Sequoia Capital, CB4’s technology has been implemented by retailers including Levi’s, Urban Outfitters, Lidl, and Kum & Go.
Gap is a specialty apparel company offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. Products are available for purchase worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2020 net sales were $13.8 billion.
Earlier this year, the Strategic Growth Office led Gap Inc.’s acquisition of Drapr, an e-commerce startup that powers 3D-fit technology and virtual fitting rooms to reduce online returns, and also participated in the latest funding round for obé fitness, a digital fitness platform that partners with Gap Inc.’s Athleta Brand to bring entertainment, pop culture and design to fitness.
FinSMEs
04/10/2021