NEW YORK, Feb. 11, 2016 /PRNewswire/ -- KPMG Capital today announced it has taken an equity stake in Label Insight, a leading provider of software-as-a-service (SaaS) data solutions providing powerful insights and strengthening the connections between Consumer Packaged Goods (CPG) brands, retailers and consumers.
Label Insight's proprietary technology transforms basic food and beverage product information into smart attributes, such as nutrients and allergens, providing CPG brands and retailers with a deep understanding of their product set. These attributes are easily customized to meet data views requested by retailers or required to participate in industry efforts, such as the SmartLabel™ transparency initiative. Label Insight also works with the U.S. Food and Drug Administration (FDA) to support the agency's ongoing initiatives around ingredient and nutrient analysis.
KPMG Capital's investment led the Chicago-based company's Series B funding round, which raised US$10 million in total. The investment will allow KPMG member firms to offer CPG clients access to Label Insight's product data platform, and to work with Label Insight to enter new markets and build relationships with retailers, manufacturers and government agencies around the globe.
In particular, member firms' CPG clients will benefit from Label Insight's first-to-market SmartSPEC™ solution, which helps food and beverage brands quickly and easily participate in SmartLabel, an initiative led by the Grocery Manufacturers Association and Food Marketing Institute. Participating brands have the opportunity to establish themselves as leaders in transparency and build consumer trust and loyalty.
"Label Insight's pioneering technology addresses a long-standing challenge of exchanging product data between retailers, manufacturers and suppliers," said Willy Kruh, Global Chair, Consumer Markets, KPMG International. "KPMG Capital's investment in Label Insight will provide member firms' retail food and beverage clients with access to a single, cross-disciplinary view of product data attributes and marketing claims. This is a platform that can deliver actionable insights on a broad set of relevant risk, cost and growth issues, such as customizing inventory, enhancing customer loyalty with new health and wellness initiatives, and streamlining regulation and compliance."
Label Insight is a key player in the $2.3 billion product data management market for the CPG industry. Its customers, which include some of the largest U.S.-based retailers and manufacturers, as well as government agencies and consumer advocacy groups, use the platform to:
- Comply with product data initiatives of retailers, government agencies and industry organizations
- Integrate product data into mobile and e-commerce applications
- Search and compare product claims and certifications
- Optimize product assortments to meet consumer needs
- Drive better outcomes in sourcing, merchandising and innovation
"Consumers today want an unprecedented level of clarity and will increasingly give their business to those who make this information available," said Anton Xavier, Label Insight's co-Founder & CEO. "Label Insight's transparency marks the new frontier for gaining competitive advantage. Access to this level of product detail is helping retailers, manufacturers and government agencies more clearly communicate important information to consumers regarding nutritional value and food claims."
"Label Insight is an important addition in KPMG Capital's advance to deliver disruptive technologies that accelerate innovation and drive tangible business results," said Mark Toon, CEO, KPMG Capital. "This investment will provide KPMG member firms' CPG clients – retailers and suppliers of all sizes – with an incredibly robust platform that decodes product data, offers rich product attribution, complies with industry regulation and helps differentiate retail strategies."
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About KPMG Capital
KPMG Capital Limited and KPMG Capital Holding Limited comprise an investment fund for KPMG member firms. The investment fund is not open to third-party investment and will not, itself, provide professional services to clients. KPMG Capital Limited and KPMG Capital Holding Limited are legally distinct and separate from KPMG International Cooperative and each KPMG member firm.
Like every member firm in the KPMG global network, KPMG Capital, and the entities it invests in, is subject to the same rules and regulations promulgated by the regulatory bodies responsible for establishing standards for auditor Independence (for example, the US SEC, PCAOB, AICPA, IESBA and those established by the various countries in which the investments reside). These rules apply to member firms, the individuals at such member firms and the targets for potential joint venture, alliance or acquisition related to the activities of KPMG Capital. All existing Independence protocols apply to KPMG Capital.
About KPMG International
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more than 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
About Label Insight
Label Insight is the leading provider of SaaS data solutions providing powerful insights and strengthening the connections between CPG brands, retailers and consumers. The company's cloud-based product data engine enables CPG brands and retailers to transform basic product data into smart attributes, providing a deep understanding of their product set. Label Insight offers an unmatched level of data, generating 15,000 attributes - such as nutrients and allergens - per product. These attributes serve as building blocks for a live view of data for more than 300,000 products across 17,000 brands, totaling over 80% of the U.S. retail food and beverage market. Label Insight customers use this deep level of product data to provide greater transparency to consumers; maximize category growth potential; easily participate in industry and government initiatives; and create more connected omni-channel experiences. The company also works with the FDA, helping the agency develop and maintain the industry's first scientifically accurate database of food ingredients, attributes and health claims. Label Insight has offices in Chicago, IL, and St. Louis, MO. For more information, please visit www.labelinsight.com.
SOURCE KPMG Capital