Algonomy announced its intent to acquire the business of Colombo based Linear Squared, a cloud based technology company specialized in building demand planning and forecasting products using artificial intelligence and machine learning technologies for CPG, grocery retail industry and other target industries. The proposed acquisition is subject to corporate and regulatory approvals.
Linear Squared (Pvt.) Ltd. specializes in developing SaaS products leveraging on a combination of cutting-edge technology (Machine Learning, Artificial Intelligence, Cloud Platform) and statistical models to deliver solutions to business problems across multiple domains including CPG, Grocery Retail, Apparel, FMCG, Financial Services & Telecom. Based out of Sri Lanka, it is home to the largest pool of AI & ML engineers in the country.
“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 & ML Engineering Center of Excellence in Sri Lanka,” said Atul Jalan – Founder & CEO, Algonomy.
“We founded Linear Squared with a vision to deliver ready-to-use AI and ML-driven products that convert data to proactive actions to solve some of the most complex industry problems. We have spent the last six years building fantastic products that receive validation from global customers every day,” said Sankha Muthu Poruthotage – CEO & Co-Founder, Linear Squared.
“We’re excited at the prospect of joining Algonomy, which will help take our innovations to a much broader customer base at a faster pace than on our own. In the short term, it will improve time-to-market and business growth of our supply chain AI solutions for CPG and grocery retail segments . It will also provide significant opportunities of collaboration and growth for Linear Squared employees who will be within the umbrella of a world class product engineering organization. In the long term, as we expand the Center, we expect it to become an integral part of Algonomy’s global Product and R&D operations to serve multiple product lines,” added Poruthotage.
The product portfolios of both companies are complementary in nature. Hence the consolidated product portfolio can deliver substantial value to customers by providing an end-to-end algorithmic solution.