Woolworths has increased its stake in Quantium to take a majority stake in the data and analytics business.
Announcing the move yesterday, Woolies said it had increased its shareholding from 47 per cent to 75 per cent with the purchase price of $233 million.
Quantium’s founders and team members will retain the remaining 25 per cent.
Woolworths initially acquired a 50 per cent stake of Quantium in 2013 for $20 million and has been working with the data firm to develop data-led products and improve business decisions.
Woolworths Group CEO Brad Banducci said: “Advanced analytics is key to improving the experiences, ranges and services we provide to our customers and the support we provide to our teams and suppliers. The way we gather data, interpret it, and protect it, is becoming ever more important.
“Through this transaction, we aspire to bring together Quantium’s advanced analytics capability and Woolworths Group’s retail capabilities to unlock value across our entire retail ecosystem. By working better together, we aim to transform the rapidly evolving retail sector, helping us better service our customers and support our team and supplier partners.”
Quantium will now officially be part of Woolworths Group, while a new business unit called ‘Q-Retail’ will also be added to the fold.
The transaction is set to be completed by the end of FY 2021.
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