Trax Limited Divests Image Recognition Business to Gemspring Capital; Remaining Trax Ltd. Businesses Poised for Focused Growth and Market Expansion

BOSTON, Feb. 12, 2026 /PRNewswire/ -- Trax Ltd., the technology company revolutionizing retail through data-driven AI and industry-recognized global pioneer of image recognition, announced the divestiture of its Image Recognition (IR) business to an affiliate of Gemspring Capital. The acquired unit will be merged with FORM, creators of GoSpotCheck and FORM OpX, to form a new combined company focused on retail execution and shelf intelligence.

This transaction reflects Trax Ltd.'s disciplined portfolio strategy and its decision to sell the non-China IR business to an owner well positioned to support its next phase of growth. Trax Ltd. remains committed to scaling all of its remaining solutions - Shopkick (shopper engagement), Survey (merchandising and activation) and LenzTech (artificial intelligence and big data service) - and will continue to pursue the right mix of ownership, partnerships, and strategic opportunities to maximize long-term value across its business.

"This announcement reflects our commitment to disciplined portfolio management and to building a Trax Ltd. that is fit for the future," said Gary Laben, CEO of Trax Ltd. "After a deliberate and thoughtful process, we made the decision to sell our IR business to Gemspring, the right partner to lead it into its next chapter of growth and scale. We're proud of what the team built and confident the business is well positioned for continued success under its new ownership. This decisive move also brings renewed clarity and focus to our remaining portfolio, empowering Shopkick, Survey, and LenzTech to move faster, deepen their impact, and capture new opportunities across the retail value chain."

Value Creation for Trax Ltd. and for the New Combined Company

Customers of Trax IR and FORM should see expanded capabilities through the combined entity, while Trax Ltd. advances a more streamlined, capital‑efficient strategy.

Transaction Overview

Trax's financial advisor was Deutsche Bank and legal counsel was Holland & Hart LLP. 

About Trax Limited (Post‑Transaction)

Following the divestiture, Trax Ltd. will accelerate its strategy as a high‑value retail data and engagement platform, delivering end‑to‑end digital solutions that enable brands and retailers to optimize execution and performance in physical retail environments.

Powered by proprietary technology and deep retail expertise, Trax Ltd. helps partners maximize ROI through improved execution, targeted consumer engagement, and advanced analytics. Trax Ltd. solutions - Shopkick, Survey and LenzTech - are relied on by enterprise CPGs, leading retailers, and emerging brands to unlock revenue opportunities globally.

About Shopkick

Shopkick is a leading shopper engagement platform that connects brands, retailers, and consumers through engaging, performance-driven experiences. By transforming everyday shopping moments into measurable, reward-based interactions, Shopkick helps brands drive incremental sales, strengthen brand loyalty, and gain actionable shopper insights across the path to purchase. With solutions spanning in-store, online, and omnichannel environments, Shopkick enables retail partners and CPG brands to influence buying decisions at scale and turn engagement into tangible business results. Learn more at shopkick.com

About Survey

Survey builds modern retail solutions that help brands win where it matters most – in-store. Our end-to-end services span retail execution, brand representation and activation, data and analytics, and seamless headquarters-to-store management - so brands can scale with confidence and consistency. By combining mobile technology, deep industry expertise, and a nationwide network of 1.5 million field reps, Survey accelerates go-to-market execution, strengthens brand presence, and delivers actionable retail intelligence. Learn more at survey.com

About LenzTech

LenzTech delivers intelligent retail execution and visibility solutions that help brands and retailers turn in-store activity into measurable results. By combining advanced computer vision, mobile technology, and real-time data, LenzTech enables faster, more accurate insights across merchandising, compliance, and on-shelf availability. Operating at scale across China, LenzTech supports leading consumer brands with deep local expertise and technology built for the complexity and pace of modern retail environments. Learn more at lenztechretail.com

SOURCE Trax Limited