Lowe’s acquires retail analytics platform
Lowe’s Companies is looking to provide an additional kick to its tech capabilities.
The home improvement retailer has acquired Boomerang Commerce’s retail analytics platform. Lowe’s said the technology will be integrated into the company’s core retail business while bolstering strategic and data-driven pricing and merchandise assortment decisions across its businesses.
The platform processes product and pricing datasets to convert them to insights and actions. The acquisition is designed to assist in modernizing and digitizing Lowe’s approach to pricing.
“One of the key components of our transformation here at Lowe’s is to modernize our technology. Pricing and Assortment Planning have been identified as strategic areas in need of modernization. And when we find the right assets available to buy and advance our strategy, we’ll do that,” said Seemantini Godbole, Lowe’s chief information officer. “Adding this team and technology to our existing capabilities helps us leverage the right data quickly, effectively and successfully.”
Boomerang Commerce was founded by Guru Hariharan in 2012 and is based in Mountain View, Calif.
Lowe’s acquisition includes the proprietary technology and tools for the retail analytics platform but excludes customer contracts and related confidential information and data. Terms of the deal were not disclosed.
As part of the transaction, some associates from Boomerang’s retail analytics teams based in Bangalore and the United States will join Lowe’s.
After this acquisition, Boomerang Commerce’s product CommerceIQ, which automates e-commerce growth for leading consumer brands, will operate as an independent business under the CommerceIQ.ai with Hariharan as CEO.
“The Retail Analytics team is thrilled to join Lowe’s and has high regard for the company’s leadership in the home improvement industry,” Hariharan said. “This transaction culminates a successful relationship over the past four years.”
Lowe’s operates and services more than 2,200 home improvement and hardware stores in the United States and Canada. The retailer has more than 300,000 employees.
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