AI based software firm Algonomy to acquire Sri Lanka based Linear Squared
- ByTejika Bajaj | January 6, 2022
The artificial intelligence powered software firm Algonomy has recently announced its intent to acquire cloud based technology company Linear Squared. The acquisition is currently pending approval from regulatory authorities.
The terms and value of the acquisition remain undisclosed by the parties. If the acquisition comes through, the two companies would be able to combine synergies and deliver substantial value to customers by providing an end-to-end algorithmic solution.
Talking about the recent development, the founder and CEO of Algonomy, Atul Jalan said, “The intended acquisition would allow Algonomy to augment its product offering for consumer products and grocery retail industry segments by integrating Linear Squared’s best of breed demand planning and forecasting product technology into Algonomy’s retail merchandising and supply chain solutions portfolio. It would also allow Algonomy to meet its objective of quickly and efficiently scaling up its AI technology operations by setting up a highly-skilled AI and ML engineering Center of Excellence in Sri Lanka.”
The product portfolios of both the companies are similar in nature, thus they would be able to derive more benefits from combined synergies. The said acquisition would also provide considerable opportunities for growth and collaboration to the workforce of Linear Squared. In the future, the Sri-Lankan firm intends to become an inevitable part of Algonomy’s global product as well as R&D operations with the aim of serving multiple product lines.
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