California-based brick-and-mortar analytics firm RetailNext said it has acquired U.K. rival Retail Performance from market research company Ipsos, in a bid to boost its foot-traffic-monitoring platform in Europe and Asia.
According to a Monday (Nov. 14) press release, RetailNext characterized the deal as a strategic expansion in the U.K. and European retail intelligence space, noting the company’s current tracking operations log over 1 billion customer visits per year across more than 4,500 retail locations in 50 countries.
“RetailNext is growing fast, and carefully planned acquisitions and partnerships will continue to be central to our growth strategy as we build out global bandwidth and bring our best-of-breed retail solutions into new markets,” Alexei Agratchev, RetailNext’s co-founder and CEO said in the statement, in which he called Retail Performance a leader in the space.
With the acquisition, the company said it will add 40 new employees, as well as expand its operations into the Philippines, and grow further in the U.K.
Not only that, but Retail Next stands to tap into the retail tech market, which, according to PYMNTS research report “Big Retail’s Innovation Mandate: Convenience and Personalization,” is a key growing industry.
The October report found that a majority of retailers are developing new ways to access omnichannel customer data.
Keeping a close eye on the analytics surrounding retail customer experience is the next step in innovating brick-and-mortar retail, which is especially important as the U.K. battles an ongoing recession.
By monitoring daily in-person retail traffic, RetailNext can have a leg up in the region thanks to its Retail Performance acquisition.
“We are delighted to have cemented this future partnership with RetailNext. The partnership ensures Ipsos retail clients will continue to have access to footfall data and puts us in a strong position to expand Ipsos’ Channel Performance services and bring solutions to market which reinvent retail analytics and insight,” said Craig Bradley, Ipsos’ global head of channel performance.