AI based startup Alhonomy plans to acquire Linear Squared
Algonomy, a software company specialising in artificial intelligence and algorithmic decisioning, intends to acquire Linear Squared, a Sri Lankan cloud-based technology company specialised in demand planning and forecasting products.
Linear Squared develops software-as-a-service solutions for consumer packaged goods, retail, financial services, telecommunications, and other industries using AI and machine learning.
For Algonomy, which has Walmart Canada, Comcst, Flipkart and Pizza Hut among its clients, Linear Squared’s demand-forecast platform “sits right in the middle” of its technology products, the Bengaluru-based company’s founder, Atul Jalan, told . “Secondly, there is a team of around 40 AI and ML people.”
According to him, the acquisition would also enable Algonomy to meet its goal of rapidly and efficiently scaling up its AI technology operations by establishing an AI and machine learning engineering centre in Sri Lanka.
Algonomy intends to acquire more companies as it prepares for an initial public offering.
BOV Capital, led by former Google India CEO Rajan Anandan, has invested in Linear Squared, which was cofounded by Sankha Muthu Poruthotage, who also serves as CEO.
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