365 Retail Markets announced the acquisition of the smart-store technology company, Stockwell of Oakland, California.
Stockwell has gathered some of the best minds to build a retail platform that focuses on artificial intelligence, machine learning and computer vision. 365 intends to hire select team members and integrate the technology platform into its industry leading 365 Point of Sale systems.
“The future of retail is unattended, no doubt. By adding the excellent Stockwell tech platform to the 365-product ecosystem we are moving closer to our goal of a low-cost, frictionless retail experience. I am very impressed with the team that built the technology and we are putting our integration plans together so we can continue to dominate our current channel and look to other channels for future growth,” said Joe Hessling, 365 Retail Markets, CEO.
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Stockwell has confirmed the sale and expressed that their leadership is happy to see their technology and their team members carry on what they started and see what 365 Retail Markets will be able to accomplish in this space. The 1000+ Stockwell locations will continue to be serviced to the highest standards.
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“Stockwell has leveraged computer vision and machine learning in a way that will have a dramatic impact on our industry. I believe that combined with the 365 platform, in time, we can scale to meet the global demand for frictionless, unattended retail,” said Krishna Vedula, 365 Retail Markets, COO & CTO.
365 intends to spend the next few months upgrading the technology for existing customers and locations. The long-term plan is to use the patented technology as a base for several new products to be available to the market in 2021.
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