Twice named one of OBJ’s fastest-growing companies, price intelligence firm 360pi said today that it has been acquired by Chicago’s Market Track.
The Ottawa company, founded in 2007 as Gazaro Inc., provided retailers such as Ace Hardware and Best Buy Canada with artificial intelligence tools to monitor and match competitors’ online prices.
360pi was named one of Ottawa’s fastest-growing companies in 2014 and again in 2015, when the firm saw three-year revenue growth of 175 per cent. The firm, last reported to have a local headcount of about 40, also won an Employee’s Choice Award for its workplace culture in 2014.
Speaking to OBJ two years ago, CEO Alexander Rink was confident in the company’s product.
“We happen to be focused on a market, the overall retail market, that is undergoing a lot of change and disruption… To serve that market, you need to have a great solution, and I believe we have that,” he said in 2015.
The same year, Mr. Rink praised Ottawa's startup culture in an interview with Techopia:
In 2013, 360pi landed a $4.25-million funding round led by Silverton Partners, in addition to an earlier seed round of $1.72 million.
On Wednesday, Mr. Rink – who will be staying on with Market Track during the transition – said combining 360pi and Market Track would give the firms a competitive edge.
“Together, we will continue to enhance Market Track’s position as the leader in next generation e-commerce intelligence and analytics. Our collective capabilities will deliver unparalleled price, product, and channel visibility to assist our customers in driving critical business decisions,” he said.
In a release, brand advertising and analytics firm Market Track said the 360pi acquisition will enhance the company’s e-commerce offerings. Terms of the deal were not disclosed.
“Market Track continues to focus on providing unmatched visibility for our clients as to how products are promoted, advertised, and priced both in store and online,” said Dennis Moore, CEO of Market Track, in a statement. “This acquisition furthers Market Track’s mission of creating the most comprehensive view of online competitive intelligence.”