The first Finnish scaleup to join EIT Digital Accelerator scaleup program ever, retail analytics company Innorange, has been acquired by a fellow Finnish firm Visit Intelligence for an undisclosed amount. In 2016 Visit Intelligence made a capital investment in Innorange, starting the strategic partnership between the two Finnish companies.
Mr. Samuli Silanto, the CEO and one of the founders of Innorange recalls:
"For a new company, just started its operations, nothing is more important than getting a direct access to important prospects. In this sense, the access via EIT Digital to both EuroShop fairs was extremely important and beneficial. We also benefitted greatly from the Business Development support, especially from the business and cash-flow analysis focused coaching as well as from the sales skills training."
Mr Silanto participated in the founding of EIT Digital in 2010 and 2011, when employed by Nokia - one of the three Finnish founding members of EIT Digital. His job was to follow the innovation scheme and as part of it, the founding of EIT Digital. Encouraged by what he saw, he decided to start his own startup as a Helsinki CLC-resident and by joining to EIT Digital Accelerator in 2012.
Visit Intelligence is internationally known for its retail analytics trademark Visit®. It produces solutions for analysing visitor volumes as well as visitor routes and behaviour in commercial premises. It analyses over two billion visitors every year. Globally, more than 3000 stores and shopping centres, among others, use Visit®. For example, about 60 percent of shopping centres in Finland use the Visit®. At the moment, approximately 5 new stores are connected into Visit® system every day.
The transaction has substantial strategic and financial benefits in the fast-growing retail analytics market. After the acquisition Innorange continues working as a Visit Intelligence subsidiary. Innorange has built a strong brand in WiFi analytics solution both in retail and OEM markets as a supplier of innovative measurement systems utilising location information. The solutions are used for customer analysis both in the retail sector, as well as, for measuring traffic flows and the behaviour of pedestrians.
Lauri Ruononen, the CEO of Visit Intelligence, said:
"There is high demand for advanced visitor analytics in retail market. The acquisition will further strengthen Visit Intelligence's competence by enabling it to offer its customers comprehensive analysis on in-store visitor measurements and behaviour to improve customer satisfaction and the profitability of commercial premises."
Samuli Silanto continued:
"The integrated solution portfolio has already proven itself in the market place including EuroShop trade fair where we closed multiple orders during the event.