Teikametrics, a provider of pricing and inventory optimization solutions for Amazon third-party sellers, has acquired Lab Escape, which provides heat map visual data discovery software.
By integrating the Lab Escape software into its suite of analytics tools, Teikametrics is positioned to help e-Commerce retailers leverage Big Data to solve valuable problems, according to Alasdair McLean-Foreman, CEO of Teikametrics.
Teikametrics crafted the SaaS solution to help Amazon third-party sellers manage large inventory portfolios with predictive analytics. The solution also touts dynamic repricing and inventory analytics features, such as product scouting and purchase order management. Since its launch in 2012, the company has acquired more than 250 customers, including Newbury Comics, Smart Home and The Vitamin Shoppe.
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Lab Escape will add advanced data discovery to the Teikametrics solution, helping retailers visually analyze information, spot trends and improve internal decision-making.
“At Teikametrics, we’re fanatical about providing technology to help our clients improve their profitability, reduce stale inventory and optimize their inventory supply chain to meet demand,” McLean-Foreman said in an interview with Retail TouchPoints. “The acquisition gives us technology to immediately augment our data discovery capabilities and will give our clients a platform that will help them improve their performance.”
The acquisition also will help Teikametrics broaden its reach. Lab Escape users that will be added to the Teikametrics client roster include Dell, Costco, Walmart and more than a dozen other Fortune 500 companies.
Expansion also was top-of-mind for Teikametrics. In order to grow and succeed, “we believe we must always strive for innovation to provide better data-driven solutions,” McLean-Foreman said. “The Lab Escape acquisition brings us proven technology but also a team that has world-class domain knowledge in the field of data discovery.”
With more than 30 employees, Teikametrics is based in the Innovation District of Boston’s Seaport neighborhood. Lab Escape Founder and CEO Trevor Lohrbeer will join the Teikametrics team as Chief Data Scientist. With more than a decade of experience in the visual data discovery domain, McLean-Foreman noted that Lohrbeer will bring knowledge to the team “that will help us accelerate our innovation and develop further solutions to offer to more retailers.”
Currently, Teikametrics is providing a beta version of Lap Escape’s technology to key clients. The goal, according to McLean-Foreman, is to make the heat map visual data discovery technology “a core feature of our solution and consulting process. The platform will be used to identify trends and improve inventory management decisions to reduce stale inventory, improve profitable product coverage, optimize inventory restocking, and other areas where actionable data discovery adds value to the management process.”
In addition, Teikametrics is developing new technologies for retailers outside of the Amazon marketplace. “Lab Escape gives us a tremendous opportunity to apply visual data discovery to new markets for retailers and beyond,” McLean-Foreman said. “We will look to invest in more resources to develop Lab Escape technology for new markets later in 2015.”
