Retail IQ Acquires Customer Analysis Startup StoreSmarts

StoreSmarts (Analoc Ltd.), a startup providing retailers with real-time data and insights into consumer in-store behavior, was acquired by U.S. based company Retail IQ, co-founder and CEO of Storesmarts Eyal Ben-Eliyahu told Calcalist on Tuesday.

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Founded in 2013 by Mr. Ben-Eliyahu and Ilai Fallach, as Analoc, Tel Aviv based StoreSmarts counts Danish Jewelry Company Pandora and sportswear company Hummel International among its clients. StoreSmarts' software anonymously collects the Wi-Fi signals of cell phones across locations and analyses them to provide retailers with actionable insights on customers’ behavior in and around the shop.

Retail IQ, founded in 2014, is a U.S. based company developing and marketing retail technologies. In purchasing StoreSmarts, Retail IQ aims to expand its product inventory and customer base, the company said in a statement. Retail IQ has been StoreSmarts’ business partner for several years and has distributed StoreSmarts’ products worldwide, Mr. Ben-Eliyahu said. “We are thrilled about the partnership and believe in Retail IQ’s ability to continually distribute our product in technological and business synergy with their own products,” he added.

StoreSmarts shares Retail IQ’s technological vision, Mr. Fallach said in a statement, adding that the company is “certain that the integration between both companies’ products will double the value of our services for retailers.”