Candice Cooke, Canada
Artificial Intelligence (AI) startup, Rubikloud, has been acquired by Kinaxis for USD$60 Million
Toronto-based artificial intelligence (AI) startup Rubikloud has been acquired by Ottawa-based software company Kinaxis in USD$60 Million deal.
Rubikloud was founded in 2013. The start-up specialises in using machine learning technology to help large scale retailers in various packaged consumer goods markets to predict how much stock they need to keep their shelves stocked.
Rubikloud is a valuable addition to Kinaxis as it makes a play to disrupt the supply chain industry. Kinaxis has quietly become a major player in this space thanks to amassing a list of marquee customers – including Ford, Nissan and Proctor and Gamble – in the technology, aerospace and defence, automotive, life sciences, consumer packaged goods and industrial equipment sectors. The successful acquisition now places the firm in a strong position to make headway with AI in the broader retail sector.
Kinaxis shares were up nearly $3 to $184.97 on the Toronto Stock Exchange the morning of the announcement.