Additional investment from Wells Fargo Strategic Capital fuels product enhancements, company growth
Engage3 today announced that it has secured additional financing to continue its growth from Wells Fargo Strategic Capital (NYSE: WFC), a division of Wells Fargo Commercial Capital. The company anticipates doubling revenues in 2019, and Engage3 plans to use the funding to expand its staff and scale up the company’s go-to-market initiatives. The company helps retailers balance their price image objectives with their profitability goals through data science, artificial intelligence, and accurate competitive data.
Engage3 was named in the top 1,500 firms for two consecutive years (2017 and 2018) in the Inc. “5000 Fastest Growing Private Companies”in the U.S. It raised its Series B financing two years ago from retail technology-focused venture capitalists and is in the middle of raising its Series C financing.
Engage3 focuses on an integrated retail pricing platform that emphasizes data quality and the management of competitive pricing, which are the foundation of successful price optimization implementations. Engage3’s Competitive Intelligence Platform (CIP) is an integrated end-to-end solution that uses data science to ensure data comprehensiveness, freshness, and accuracy. CIP enables retailers to automate the management and optimize the design of their competitive shop program; uses demand-side product attributes to link “like” competitor products; and reverse-engineers and monitors competitors’ pricing strategies. Engage3’s Competitive Price Response(CPR) is a visual price modeling tool that optimizes pricing, using proprietary psychological models that measure consumers’ perception of retailers’ pricing and predicts the impact of price changes on that image. CPR helps define the consequences of strategic pricing alternatives.
“In a world where 71 percent of consumers say that price determines whether they would shop at your store over another, the use of AI and algorithms to deliver the best price image to shoppers while achieving revenue and profitability goals is the clear answer,” says Ken Ouimet, CEO and founder of Engage3. “Price optimization as a category failed to reach its promise in the ‘90s because of the lack of good quality data as input. Every retailer now understands the importance of having clean, accurate and timely competitive data to formulate the best pricing strategy. We have addressed this problem, and our customers are now reaping the rewards of data-driven, scientific pricing.”
“Engage3’s integrated pricing platform presents great value for retailers in today’s highly competitive environment. We are excited to be an equity investor in this rapidly growing business with a strong platform and founder-led leadership team,” says Puon Penn, the Head of Early Stage Investment Division at Wells Fargo Strategic Capital, who is based in Palo Alto, California.
Engage3 was founded by the creators of KhiMetrics (acquired by SAP), who are credited with creating the retail price optimization space. Engage3’s leadership team is composed of former KhiMetrics, SAP, dunnhumby, KSS Retail, and IBM/DemandTec executives.
Engage3’s focus is on data quality and management which are the foundation of successful price optimization implementations. Engage3’s Competitive Intelligence Platform (CIP) is an integrated end-to-end solution that uses data science to ensure data quality. Engage3’s Competitive Price Response (CPR) optimizes pricing, and manages a consistent price image across different channels, markets, and categories while providing control over your company’s quarterly sales and profits.
For more information, visit www.engage3.com.