MOORESVILLE, N.C., May 20, 2019 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today announced it is accelerating its technology capabilities and focus on driving strong retail fundamentals by acquiring the Retail Analytics platform from Boomerang Commerce. The technology will be integrated into the company's core retail business and bolster strategic and data-driven pricing and merchandise assortment decisions across Lowe's businesses.
The platform provides a retail analytics solution that processes product and pricing datasets to convert them to insights and actions. The acquisition is designed to assist in modernizing and digitizing Lowe's approach to pricing.
"One of the key components of our transformation here at Lowe's is to modernize our technology. Pricing and Assortment Planning have been identified as strategic areas in need of modernization. And when we find the right assets available to buy and advance our strategy, we'll do that," said Seemantini Godbole, Lowe's Chief Information Officer. "Adding this team and technology to our existing capabilities helps us leverage the right data quickly, effectively and successfully."
Boomerang Commerce was founded by Guru Hariharan in 2012 and is based in Mountain View, California. Lowe's acquisition includes the proprietary technology and tools for the Retail Analytics platform but excludes customer contracts and related confidential information and data. As part of the transaction, some associates from the Retail Analytics teams based in Bangalore and the United States will join Lowe's. After this acquisition, Boomerang Commerce's product CommerceIQ™, which automates e-commerce growth for leading consumer brands, will operate as an independent business under the CommerceIQ.ai name with Mr. Hariharan as CEO.
"The Retail Analytics team is thrilled to join Lowe's and has high regard for the company's leadership in the home improvement industry," Hariharan said. "This transaction culminates a successful relationship over the past four years."
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 18 million customers a week in the United States and Canada. With fiscal year 2018 sales of $71.3 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Founded in 1946 and based in Mooresville, N.C., Lowe's supports its hometown Charlotte region and all communities it serves through programs focused on safe, affordable housing and careers in the skilled trades. For more information, visit Lowes.com.
SOURCE Lowe's Companies, Inc.