Mumbai-based SaaS firm Netcore Solutions has reportedly acquired Bangalore-based artificial intelligence (AI) startup, Boxx.ai. The transaction is going to be a part-cash, part-stock deal.
Launched in July 2016 by IIT alumni Ajay Kashyap, Prakhar Raj, and Shitiz Bansal, Boxx.ai builds products that use AI and machine learning (ML) to solve critical analytics problems of ecommerce companies and increase their conversion rate, boosting the overall sales.
Boxx.ai’s technology helps ecommerce companies to predict what each visitor is likely to buy next using its proprietary algorithms. Then it delivers personalised customer experiences across all marketing channels such as emails, app notifications, and browser notifications, among others.
On the other hand, the tech enterprise firm, Netcore founded in 1997 by Rajesh Jain is a marketing technology company that offers enterprises with solutions related to digital marketing. In its products, the company leverages new-age technologies such as marketing automation, analytics, and AI/ML. Netcore’s digital marketing suite offers promotional and transactional email and mobile marketing.
Will Boxx.ai Change Netcore’s Fortunes?
With this deal, the SaaS firm will get access to Boxx.ai’s technology, IP, clients and team, and is expected to provide an exit to its investors. However, Netcore has shown interest in retaining all the founders of the startup which are expected to join Netcore and continue building their product.
In a statement, Kashyap said that while Boxx.ai helps in converting visitors to buyers and along with Netcore’s multi-channel marketing platform, the overall product will provide major support to ecommerce companies in boosting their sales.
Moreover, Kalpit Jain, the group CEO of Netcore Solutions acknowledging the value and importance of ML, AI, and personalisation to empower brands to deliver exceptional customer experiences said that these Boxx.ai in their product stack will deliver great value to its customers and hence to their end consumers.
Earlier, Boxx.ai has been mentored and subsequently funded by the founder and CEO of CrayonData, Suresh Shankar and former COO/CFO of Citibank APAC, Venky Krishnakumar. The startup has also raised funding from Unicorn India Ventures, Vivek Bhargava, CEO of iProspect, and Dentsu Aegis Network, among others.