French technology company Akeneo, known for its open source product information management (PIM) solutions, today announced that it has acquired Sigmento, an Israel-based technology company specializing in product data automation.
Sigmento Platform | Credit: sigmento.com
Sigmento, located just south of Tel Aviv, was founded in 2015 by ecommerce veterans Izzy Cohen, Yoav Maor and Yonatan Maor. The company previously raised $1.7 million in venture capital funding and had already made a name for itself as an innovative provider of product listing solutions. Its machine learning algorithms allow brands and ecommerce merchants to enrich structured product information with auto-suggested product descriptions, titles, and tags that improve SEO and conversions. According to Akeneo, the acquisition bolsters the company’s market-leading position among PIM providers and reinforces its mission to help retailers turn product information into powerful brand assets.
The transaction amount was not disclosed. The Sigmento purchase illustrates both the technology world’s continued interest in Israel’s startup ecosystem and the growing pace of investment in AI technologies by virtually all industry sectors. According to IDC Research, AI technology will be used by 75 percent of developer teams in at least one business application in 2018.
Akeneo and Sigmento Team
The acquisition reflects Akeneo’s ongoing effort to build its product capabilities against competition from other well known players such as Informatica and Stibo Systems. By purchasing Sigmento, Akeneo gives itself an apparent head start in AI and machine learning applications for product information management.
Fred de Gombert, CEO and co-founder of Akeneo
“The next frontier of innovation in ecommerce technology is happening at the intersection of data intelligence and automation, which is Sigmento’s core strength,” said Fred de Gombert, co-founder and CEO of Akeneo. “Having Yoav and his talented team join our #PIMforAll movement and offer best-in-class AI-driven ecommerce solutions will significantly differentiate Akeneo and allow us to enable customers to further deliver compelling product experiences.”
Israel continues to produce an impressive number of highly successful tech startups for a country with a population of only nine million people. Sometimes referred to as “Startup Nation,” the country currently has 4,300 operating startups, with about 2,900 of them located within a 10-mile radius — similar to Silicon Valley in the U.S.
Note: Newscenter.io is a sister company to Rosebud Communications, which works with Akeneo.
