Appriss acquires The Retail Equation
Louisville, Ky. -- Appriss Inc., a provider of data, risk assessment and analytic solutions for government, health information and consumer industries, has acquired The Retail Equation, Irvine, California, a provider of predictive analytics for retail businesses. The Retail Equation will become the retail division of Appriss and will operate as a separate company within the Appriss corporate structure.
Norwest Venture Partners, previous majority owner of The Retail Equation, will continue to support the company through its next phase of growth, by investing a significant portion of proceeds into the combined entity.
The Retail Equation is best known for its suite of tools used for real-time return authorization, detection of suspicious employee and consumer activity, and identification of targeted incentives that keep consumers shopping after making a purchase or valid return. Appriss will add The Retail Equation’s analytics and predictive modeling to their suite of products, bringing highly targeted real-time solutions that reduce fraud and manage risk in the retail space to their customers.
“Fraudulent and abusive returns cost U.S. retailers nearly $17 billion last year alone,” said Mark Hammond, The Retail Equation’s CEO. "Our solutions help retailers achieve an optimal return rate — one that encourages consumer purchasing and loyalty while preventing the extreme outlier behavior that leads to such extraordinary loss. Our new relationship with Appriss will allow us to leverage their market-leading products and strong relationships with law enforcement and government agencies to deliver innovative solutions to the retail market."
“We believe that Appriss and The Retail Equation have unique capabilities that, together, provide a powerful improvement to the shopping experience by identifying and curbing employee dishonesty, consumer fraud and organized crime within retail”, said Deven Parekh, managing director at Insight Venture Partners and chairman of the board for Appriss.
