Woolworths Group has increased its share of analytics firm Quantium from 47 to 75 per cent for $223 million and set-up a new business unit Q-Retail to deliver advanced analytics and commercialise retail products around the world.
Quantium founders and team members will retain a 25 per cent shareholding. The company will become part of the Woolworths Group.
Woolworths acquired 50 per cent of the business in 2013 for roughly 420 million, in a deal which allowed the group and its suppliers to use the data for decisions across pricing, ranging and promotions.
Woolworths CEO Brad Banducci said advanced analytics were key to improving customer experience, supplier relationships and unlocking value across the retail ecosystem.
“The way we gather data, interpret it, and protect it, is becoming ever more important. By working together we aim to transform the rapidly evolving retail sector,” Banducci said.
Q-Retail will be led by Amitabh Mall as managing director. He will also Woolworths Group chief analytics officer. He comes from a 20-year stint at Boston Consulting Group, where he most recently led their Asia-Pacific Consumer and Retail practice.
Quantium will be run by its existing management team, led by co-founder and CEO Adam Driussi. Banducci will become chair.
