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Image Retail Analytics Company Trax Acquires Shopping Rewards App Shopkick

Image Retail Analytics Company Trax Acquires Shopping Rewards App Shopkick

The financial details of the deal were not disclosed, but one person familiar with the matter placed the sum at around $150 million

Golan Hazani  :  2019-06-25T08:18:28..
Israel-linked Trax Image Recognition has acquired Silicon Valley-based shopping rewards app Shopkick Inc., the company announced Monday. The financial details of the deal were not disclosed, but one person familiar with the matter who spoke to Calcalist on condition of anonymity put the sum at around $150 million. In 2014, Shopkick parent company SK Telecom Co. bought it for $200 million, according to the Wall Street Journal.

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The deal is a cash and stock transaction, the person said, which will see SK Telecom receive Trax stock worth $50 million.

Trax CEO and co-founder Joel Bar-El. Photo: PR Trax CEO and co-founder Joel Bar-El. Photo: PR Trax CEO and co-founder Joel Bar-El. Photo: PR

Founded in 2010 by CEO Yoel Bar-El and Dror Feldheim and headquartered in Singapore with global offices in Asia-Pacific, Europe, and the Americas, Trax offers retailers image recognition and computer vision analytic tools. The company also has a research and development center in Tel Aviv that employs 150 people. Among its customers are some of Coca Cola's anchor bottlers and Henkel AG & Company. In July, the company completed a $125 million round led by Boyu Capital according to a company valuation of $850 million. Bloomberg recently reported that the company is raising a new $100 million round at a $1.1 billion valuation.

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Shopkick will continue to operate independently following the acquisition, according to the announcement.

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