ITAB makes strategic investment in Signatrix' Retail AI technology
ITAB Group has made a strategic investment in Signatrix GmbH, a technology and Retail AI startup. ITAB and Signatrix started collaborating in 2022 and have together created frictionless security deterrents that reduce product loss for the retail sector, specifically in the checkout area in stores. This partnership is now strengthened and together with Signatrix, ITAB intends to develop solutions and support scaling the business opportunities in the grocery, DIY, and other retail sectors. ITAB sees Retail AI as an integral part of its own technology platform.
ITAB is one of the market leaders for loss prevention solutions and will continue to enhance its offering with new innovations together with Signatrix. Signatrix is an AI startup based in Berlin dedicated to revolutionizing retail through AI. Their technology is installed in thousands of stores across Europe, helping retailers enhance security, increase sales, and optimize employee efficiency.
ITAB takes a minority investment in Signatrix which ensures that the Group stays at the forefront of the fast-growing Retail AI developments across the in-store environment. The investment will allow ITAB and Signatrix to continue to build on its current AI solutions for loss prevention and broaden out the use of the technology to multiple use cases across the in-store environment to improve consumer experience, reduce operating costs for retailers and increase employee efficiency, together with ITAB’s OnRed platform.
“ITAB is determined to help our customers design great in-store experiences to drive sales and conversion as well as delivering more efficient stores that reduces cost of operation. We know that technology plays a critical role in our solutions today, but we will see an even greater use of technology across consumer missions and operating models in the physical store of our customers in the future. With the aid of innovate AI algorithms, Signatrix helps retailers in real-time to understand and keep track of what is happening in their stores. This technology enables us at ITAB to develop and offer truly unique and competitive advantages for our customers utilizing our in-store technology solutions”, says Andréas Elgaard, President & CEO of ITAB Group.
“Together with ITAB we will continue to rethink retail with the aim of making our retailer customers even more successful. Our vision is an intelligent retail store where technology enhances operational efficiency and customer experience”, says Philipp Müller, Co-CEO and Founder of Signatrix.
Daniel Höpfner, Co-CEO of Signatrix adds: “We at Signatrix are very excited to take our partnership with ITAB to the next level through this investment. Together with ITAB we have a pipeline of interest with large European grocery retailers and thanks to the investment we will be able to develop our Retail AI platform even further, and to scale our business opportunities to their full potential.”
Jönköping, 30 May 2024
ITAB Shop Concept AB (publ)
This information was submitted for publication at 10:00 a.m. CEST on 30 May 2024.
This is in all respects a translation of the Swedish original press release. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.
For further information, please contact:
Andréas Elgaard, President & CEO
Telephone: +46-73 232 16 35
Mats Karlqvist, Head of Investor Relations
Telephone: +46-70 660 31 32
ITAB Shop Concept AB (publ), Box 9054, SE-550 09 Jönköping, Sweden
itab.com, itabgroup.com
AT ITAB we help customers turn consumer brand experience into physical reality with our know-how, solutions, and ecosystem of partners. We co-create with our customers, efficient retail solutions that deliver convenient and inspiring consumer experiences. The offer includes consultative design services, custom-made interiors, checkout systems, consumer guidance solutions, professional lighting systems and interactive digital solutions for the physical store. ITAB has annual sales of approximately SEK 6.2 billion and approximately 2,500 employees. ITAB's share is listed on Nasdaq Stockholm.
