Bangaluru & San Francisco Headquartered Algonomy to Acquire Local Tech Firm Linear Squared
Setting up a Centre of Excellence in Artificial Intelligence (AI), Machine Learning (ML) Engineering in Colombo a priority
Global artificial intelligence (AI) and algorithmic decisioning software company Algonomy announced its plans to acquire the business of Linear Squared (Pvt.) Ltd., a cloud-based technology company in Sri Lanka specializing in building demand planning and forecasting products. The acquisition is subject to corporate and regulatory approvals.
This acquisition paves the way for both Algonomy and Linear Squared to integrate their efforts in helping clients better understand their customers’ behaviors and patterns, as a result driving forward clients’ sales and frontend marketing performance.
Commenting on the acquisition at the media conference, Atul Jalan, Founder & CEO of Algonomy said: “The intended acquisition would allow Algonomy to augment its product offering for consumer products and grocery retail industry segments by integrating Linear Squared’s best of breed demand planning and forecasting product technology into Algonomy’s retail merchandising and supply chain solutions portfolio. It would also allow Algonomy to meet its objective of quickly and efficiently scaling up its AI technology operations by setting up a highly skilled AI & ML Engineering Centre of Excellence in Sri Lanka.”
Responding to a query as to what influenced Algonomy to acquire the business of Linear Squared, Jalan noted that the exceptional talent and the sophistication of the products offered by Linear Squared were promising. He emphasized that therefore, the current leadership team of Linear Squared will remain with larger global roles, along with the employees.
Currently, Algonomy’s client base includes big names such as Walmart Canada, Comcast, Honeywell, Carrefour, Love’s, Future Group, Flipkart, L’Oreal, Coop Danmark, United Supermarkets, Price Chopper, McDonald’s India, Pizza Hut, KFC Canada, Dominos India, Alshaya, and Robinsons, among many others.
Linear Squared specializes in developing end-to-end solutions leveraging on a combination of cutting-edge technologies such as AI, machine learning, and cloud platform as well as statistical models to deliver solutions to business problems across multiple domains including CPG, grocery retail, apparel, FMCG, financial services, and telecom. Home to the largest pool of AI & ML engineers in the country, among the key clients of Linear Squared are Dialog Axiata, Sunshine Holdings, and GlaxoSmithKline (GSK).
We founded Linear Squared with a vision to deliver ready-to-use AI and machine learning-driven products that convert data to proactive actions to solve some of the most complex industry problems. We have spent the last six years building fantastic products that receive validation from global customers every day,” said Sankha Muthu Poruthotage, CEO and Co-Founder of Linear Squared.
As per the acquisition, Linear Squared will be rolled into Algonomy, where Linear Squared’s products will be part of Algonomy’s wider suite of products. Algonomy believes this acquisition provides the opportunity for the company to be among the top three companies in the industry globally.
Moreover, the Centre of Excellence in AI & ML Engineering in Colombo will focus on research and development (R&D) and product development. The addition of this new centre will bring the total number of R&D centres across the world to four, with others already established in Seattle, San Francisco, and Bengaluru. Notably, through the centre in Colombo, Algonomy aims to set up Sri Lanka as a centre for specialized talent, especially in the areas of Artificial Intelligence and Machine Learning.
“We’re excited at the prospect of joining Algonomy. In the short term, it will improve time-to-market and business growth of our demand planning & forecasting products for CPG and grocery retail segments. In the long term, as we expand the Centre of Excellence, we expect it to become an integral part of Algonomy’s global product and R&D operations to serve multiple product lines,” added Poruthotage.
Also present at the media conference were Sameer Narula, Chief Growth Officer (CGO), Algonomy; Ravi Shankar, Senior Vice President (VP) and Global Business Head, Algonomy; Mohit Pande, Co-Founder, Linear Squared; and Rajith Munasinghe, Co-Founder, Linear Squared.