Lowe's Cos. Inc. said May 20 that it will acquire Boomerang Commerce Inc.'s Retail Analytics platform to help modernize and digitize its approach to pricing.
Financial terms of the deal were not disclosed.
The platform processes product and pricing datasets and converts them to insights and actions.
Lowe's said it will integrate the technology into its core retail business to bolster strategic and data-driven pricing and merchandise assortment decisions across its operations.
Under the terms of the deal, Lowe's will acquire the platform's proprietary technology and tools, excluding customer contracts and related confidential information and data.
Following the transaction, some associates from Retail Analytics who are based in the U.S. and in Bangalore, India, will transfer to Lowe's.
Boomerang Commerce's other product, CommerceIQ, which automates e-commerce growth for consumer brands like Kellogg Co.'s namesake brand, will operate as an independent business under the CommerceIQ.ai name. Lowe's said Boomerang Commerce founder Guru Hariharan will be CEO of that business.