Algonomy, a leader in AI and Algorithmic Decisioning software for retail and consumer verticals aims to set up an AI and ML (Machine Learning) Engineering Centre of Excellence in Sri Lanka tapping on the skilled talent pool in the country, according to a senior official of the company.
At a media conference last week on the company’s intent to acquire Linear Squared, a cloud-based technology company based in Colombo, he said the collaboration would enable Sri Lanka’s talent to be sought after by the world.
“We were impressed by the immense talent in Sri Lanka which is why we decided to go for an acquisition of a specialised entity to build products from Sri Lanka for the global market,” said Founder and CEO of Algonomy, Atul Jalan.
Linear Squared is specialised 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. specialises in developing SaaS products leveraging on a combination of cutting-edge technology (machine learning, AI, cloud platform) and statistical models to deliver solutions to business problems across multiple domains including CPG, grocery retail, apparel, FMCG, financial services,and telecom.
Based out of Sri Lanka, it is home to the largest pool of AI and ML engineers in the country.
“The intended acquisition would permit 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 permit Algonomy to meet its objective of quickly and efficiently, scaling up its AI technology operations.
“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 past six years building fantastic products that receive validation from global customers every day,” said CEO and Co-Founder, Linear Squared, Sankha Muthu Poruthotage.
“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 organisation. In the long term, as we expand the Centre, we expect it to become an integral part of Algonomy’s global Product and R&D operations to serve multiple product lines,” he said.
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.
Algonomy (previously Manthan-Rich Relevance) empowers leading brands to become digital-first with real-time Algorithmic Decisioning platform that unifies data, decisioning, and orchestration across marketing, digital commerce, and merchandising for the retail industry.