FACT-Finder, a company that offers ecommerce companies tools to personalize their site with things like AI-driven recommendations, said it has acquired Loop54, a company that provides personalized search results.
It’s the latest in a trend of consolidation in the ecommerce world, where a host of companies arose to offer personalization with new technologies like AI, but now the bigger companies are gobbling up the smaller ones — and specifically in the ecommerce software-as-a-service (SaaS) search market.
On the smaller side, we reported last week on Coveo’s acquisition of AI-powered personalization provider Qubit. On the much bigger side, yesterday, reports emerged that PayPal is making a $45 billion bid for e-commerce giant Pinterest.
“With the expertise and unique approach that our new colleagues at Loop54 bring to the table, we will significantly expand our market leadership and push the bounds of what is possible in e-commerce,” said Emile Bloemen, CEO of FACT-Finder. “I was really impressed by Loop54’s real-time personalization technology, especially paired with the small amount of data that it requires.”
Merged algorithms and intuitive backend
Merging the two companies’ proprietary algorithms will enable FACT-Finder to provide more innovative digital experiences and expand its international presence, FACT-Finder said in a statement. Users will gain access to the most recent developments in AI and machine learning. The company stated the integration of Loop54’s artificial neural network into FACT-Finder will improve the quality of product discovery in ecommerce platforms, support real-time, one-to-one personalization, and improve search results with minimal data requirements.
FACT-Finder is also trying to ride the low-code no-code wave, saying its product enables ecommerce employees to implement their own changes without needing to involve IT resources. It provides automation and control supported with the combination of AI and ML, optimized search, and out-of-the-box personalization.
“Ten years ago, Mike Odin, Joel Kall, and I had the idea to develop a personalized product search algorithm to improve relevance and speed in online shopping based on AI,” said Robin Mellstrand, CEO and cofounder of Loop54. “Today, we are the only provider in the market to offer one-to-one personalization in product search with such high performance, ultimately solving a key challenge in online customer experiences.”
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