The American clothing retailer has announced the acquisition of retail technology startup CB4.
Context-Based 4 Casting (CB4) uses artificial intelligence and machine learning to help brands increase sales and improve CX. The New York-based startup has worked with brands such as Levi's, Urban Outfitters and Lidl. As part of the agreement, CB4 employees will be joining Gap Inc.'s workforce. Gap Inc. hopes to implement CB4's technology across sales, inventory and consumer insights.
Gap Inc.'s acquisition of CB4, at an undisclosed amount, joins the clothing retailer's recent financial and acquiring deals with other retail technology companies. The California-headquartered retailer acquired ecommerce tech company Drapr in August this year.
Earlier, the company also participated in a funding round for home fitness brand Obé Fitness. On the other end, Gap Inc. sold two retail brands this year – retail brand Janie and Jack and clothing company Intermix.
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