Atul Jalan’s rebranded AI firm eyes Nasdaq IPO
Bengaluru-based Manthan Software and San Francisco-headquartered tech company Richrelevance, have completed their merger to form a new, rebranded artificial intelligence (AI) company Algonomy.
Algonomy allows customers such as Walmart, ebay, Burberry, Swarovski, Tiffany & Co., and Mcdonald’s to rapidly unify all customer data on a single platform for real-time Ai-based decisions.
“As we saw during the Covid-19 pandemic, our customers have seen the importance of being able to quickly pivot to become digital-first, and leverage AI to make quick decisions,” said Algonomy Chief Executive Atul Jalan, who previously served as Manthan Software’s CEO.
Jalan said he is looking at an initial public offering (IPO) of Algonomy by 2023 on the Nasdaq. The company is also scouting for a few acquisitions and plans to raise funding.
“Raising funds, strengthening my leadership team in the US, and looking for acquisitions are all preparatory work towards that (IPO),” said Jalan.
The firm declined to comment on the financial details of the transaction.
Jalan said the Covid-19 pandemic has put the whole digital transformation of organisations on ‘steroids’ and businesses like Algonomy are beneficiaries of it.
Richrelevance, a leading experience personalisation firm, had raised over $150 million from investors, according to sources. People in the know said Manthan had offered a premium on the firm’s valuation in the form of cash and stocks.
With Algonomy, retailers of all sizes can place digital at the core of their business to orchestrate, personalize, and activate customer journeys. These are designed to drive immediate engagement, lift and return on investment across the lifecycle.
The retail industry has been forced to evolve rapidly. The digitally savvy retailers are pulling ahead, thanks to their agility to respond to changing customer behaviour. But traditional retailers are struggling to overcome legacy systems and operational silos that thwart innovation.
Algonomy was founded with the mission of using AI to power digital as the new normal for consumer brands across the globe. A combination of algorithm (algo) and knowledge (nomy), the name Algonomy illustrates that the future of retail is algorithmic. The firm said the brands that are ‘digital-first’ and able to respond in real-time to changing market dynamics are poised to succeed.