NYSE listed home improvement company Lowe Companies Inc, has now acquired the retail analytics platform of Boomerang commerce for bolstering its technological capabilities.
The technology platform will be integrated into the Lowe’s core retail business to facilitate the data-driven and strategic pricing, a company revealed in a statement. Merchandise assortment decisions will be better implemented by harnessing this technology, the statement revealed.
Boomerang platform processes product and pricing datasets to convert them into the actionable outcomes. This acquisition is also designed to assist in digitalizing and modernizing the Lowe 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,” said Seemantini Godbole, Lowe’s chief information officer. “When we find the right assets to buy and advance our strategy, we will pursue that,” she added.
Lowe acquisition includes both the tools and technology for the Boomerang retail analytics platform. Moreover, it even excludes customer contracts and some of the related data. As a part of the deal, some of the associates from the retail analytics team in the US and Bangalore will join the Lowe.
Lowe which was founded in the year 1946, is based out of the North Carolina and even operates in both the Canada and US. It as of now serves to more than 18 Million customers, according to the report which has been revealed.
Boomerang is an analytics firm founded in the year 2012 by the Hariharan. The San Francisco based retail analytics provider has also recently secured the Series B funding round which is led by the Shasta ventures.
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