Gap has announced the acquisition of the Israeli start-up CB4

Gap has announced the acquisition of the Israeli start-up CB4. The transaction amount was not disclosed. According to the announcement, 60 CB4 employees will join the gap. The Israeli company, founded in 2007 by Prof. Irad Ben-Gal and Dr. Gonen Singer, two researchers in the field of computer science and machine learning at Tel Aviv University, is developing data analysis technology that helps increase retail sales.
The company's product is based on artificial intelligence, and it allows retailers to improve the customer experience and increase sales by analyzing consumption patterns and forecasting demand. Through its technology, the company can identify problems that hurt sales and formulate recommendations for actions that will increase them.
"We understand the impact and application of the technology on sales, inventory and consumer insights, in addition to the potential to generate value and enhance the customer experience," said Sally Gilligan, Head of Strategic Growth at Gap. "We believe that artificial intelligence and machine learning will shape the future of our industry."
Gap says that since they started using the cloud in 2020, they have been increasing their investments in technology and innovation. The acquisition was made as part of Gap's strategy to locate opportunities to accelerate its growth alongside new capabilities.
CB4's product was previously sold to Levi's and Urban Outfitters, and according to a Gap announcement - it has also worked with the company in the past. "I am excited to see how our team can have a broad and profound impact on the company on a global scale," said CB4 CEO Yoni Ben-Shaul.
CB4 has raised $ 26 million so far, including from the Sequoia Fund. The company's headquarters are located in New York and have offices in Tel Aviv and London.