The deal was negotiated by Gap’s strategic growth office, a unit of the company that seeks opportunities to fuel growth and accelerate new capabilities across its brand portfolio. CB4’s award-winning technology makes recommendations that support new sales and happier customers. Funded by investors such as Sequoia Capital, CB4’s technology has been implemented by retailers such as Levi’s, Urban Outfitters, Lidl and Kum & Go, Gap said in a press release.
In February 2021, market research firm CB Insights named CB4 in its first Retail Tech 100 ranking, which features the 100 most promising B2B retail technology companies in the world. As part of the acquisition, the CB4 team will join Gap as full-time employees.
Gap announced the acquisition of New York and Tel Aviv-based startup Context-Based 4 Casting (CB4), which uses cutting-edge AI and machine learning tools to transform sales operations retail, increase sales and improve customer experience through predictive analytics and demand sensing. Gap is one of America’s leading specialty clothing companies.
“We believe artificial intelligence and machine learning will shape the future of our industry. Gap has experience working with world-class data scientists at CB4, so we understand the impact and vast applications their science can have on sales, inventory, and consumer insights, as well as its potential to unlock. value and improve the customer experience ”, Sally Gilligan, Director of Growth Transformation and Head of the Strategic Growth Office at Gap said in a statement.
“CB4’s AI helps increase sales and improve the customer experience. As we join Gap, I am excited to see how our team can make an even wider and deeper impact on a global corporate scale. Since moving to the cloud in October 2020, Gap has increased its investments in technology to enable growth and innovation that can impact its entire brand portfolio ”, CB4 CEO Yoni Benshaul noted.
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