RetailNext Drives Retail IoT Market Expansion in APAC
Strategic Growth Investment from EDBI and Expanded Singapore Office Drive Asia-Pacific Regional Growth
SAN JOSE, Calif. – August 24, 2016 – RetailNext Inc., the worldwide expert and market leader in IoT retail analytics for optimizing shopper experiences at brick-and-mortar retail stores, today announced new organizational investments and a continuation of its expansive growth in the Asia-Pacific region.
Strategic Equity Investment
As a critical enabler in driving business in the Asia-Pacific region, RetailNext has secured a strategic equity investment from EDBI, headquartered in Singapore.
“RetailNext is privileged to include EDBI among its equity growth investors,” said Alexei Agratchev, co-founder and chief executive officer of RetailNext. “The opportunity to bring EDBI into our business allows us to leverage not only its deep understanding of the Singapore and APAC regional operating environment, but also its extensive technology expertise and industry knowledge as RetailNext aggressively captures new business opportunities in the region’s retail industry.”
“As a leading player in its industry, RetailNext enables consumer business owners to gain valuable insights on their customers while providing them with superior shopping experiences,” said Swee-Yeok CHU, chief executive officer and president of EDBI. “Their integrated full-suite platform with advanced real-time monitoring analytics solutions will help improve businesses’ sales performance, productivity and operational efficiency. EDBI is pleased to support RetailNext’s growth strategies to extend its footprint in Asia as it builds its data innovation and software development activities in Singapore.”
Expanded Operations in Singapore
In partnership with Newstead, RetailNext has added @Notebook to its rapidly growing portfolio of retailing customers in the Asian-Pacific region. @Notebook operates a chain of IT concept stores across Singapore for brands like Asus, Dell, Lenovo and HP. “RetailNext is one of the most comprehensive retail in-store analytic solutions we’ve seen, and we’re proud to be RetailNext’s strategic partner in this region,” said Mindy Tan, chief executive officer at Newstead.
“RetailNext is strategically focused and committed to delivering its IoT solutions to retailers in the rapidly expanding Asia-Pacific region,” said Sin Hin Wong, head of APAC at RetailNext. “Store deployments have grown over 300 percent in the last twelve months, and the expansion opportunities have led RetailNext to more than double the size of its regional offices headquartered in Singapore.”
The first retail vertical IoT platform to bring e-commerce style shopper analytics to brick-and-mortar stores, brands and malls, RetailNext is a pioneer in focusing entirely on optimizing the shopper experience. Through its centralized SaaS platform, RetailNext automatically collects and analyzes shopper behavior data, providing retailers with insight to improve the shopper experience real time.
More than 300 retailers in over 60 countries have adopted RetailNext’s analytics software and retail expertise to better understand the shopper journey in order to increase same-store sales, reduce theft and eliminate unnecessary costs. RetailNext is headquartered in San Jose, CA. Learn more at www.retailnext.net.
As a premier Asian investor with over 25 years of experience, EDBI invests in knowledge and innovation-intensive sectors covering Smart & Sustainable Technology (SST), Biomedical Sciences (BMS), Information & Communication Technology (ICT) and select industry clusters under its Strategy Growth Programme (SGP). Under SST, EDBI is interested in frontier technologies like Internet-of-Things, Robotics, Augmented/Virtual Reality and Artificial Intelligence. EDBI helps to grow companies in Asia and globally through Singapore. www.edbi.com.