Price Edge Solutions AB, a Swedish SaaS price management company, is to acquire Rightprice.ai, a Stockholm, Sweden-based artificial intelligence (AI) startup.
The amount of the deal was not disclosed.
The acquisition will enable Price Edge Solutions to boost its AI and machine learning capabilities and provide e-commerce companies with insights and structures to make smart price decisions.
Led by Micael Ehn, CEO & Founder, Rightprice.ai uses proprietary machine learning algorithms that learn from visitor behavior data, product data, and online sales data. By analyzing and understanding the purchase behavior around each product in combination with competitors’ pricing, the AI can predict the optimal price. Data is collected via a script that is quickly embedded in the webshop code.
Established in 2014 and led by Rickard Glamsjö, CEO, PriceEdge provides an AI driven price management platform that enables E-commerce companies to react dynamically to changing market conditions, sales, online customer behavior, seasonality, weather, and constantly allows for visibility into each product’s price elasticity.