12
Dec

Sensibill deepens UK market expansion with Metro Bank partnership

Sensibill announced today that it will partner with Metro Bank, the first high street bank to open in the UK in over 100 years, to power its mobile receipt management offering. The partnership supports the bank’s mission to transform the digital experience for its small business banking clients. 

Metro Bank has invited select small business customers to join a free beta trial of its forthcoming receipt management solution within their mobile app, with a public release set to launch to all business customers in early 2020. Small businesses will be able to capture, store and organize their receipts, allowing for easy expense tracking and management. In turn, the solution helps these business owners audit-proof their business and maximize tax deductions.

Beyond offering a valuable tool for Metro Bank’s client base to use, Sensibill provides the ability to gather deep insights on customer purchase behaviors through the itemization and categorization of receipt data, providing the opportunity in which to truly personalize communications and products to customers. 

“Metro Bank is building a suite of compelling tools that will help transform the small business banking experience in the UK,” said Corey Gross, Co-Founder and CEO of Sensibill. “Our partnership with Metro Bank demonstrates our shared focus to deliver customer-centric solutions that improve the financial well-being of banking customers. We’re excited to support Metro Bank’s commitment to strengthening its relationship with their customers through digital innovation.”

Paul Riseborough, Chief Commercial Officer at Metro Bank, says: “Accounting tasks, along with chasing invoices and staying on top of receipts, are major pain points for SMEs. By partnering with Sensibill, we’re offering an innovative, digital solution that solves real problems for our customers, saving them time spent on admin and allowing them to focus on running and growing their business. And this is just the first piece in the puzzle as we set about developing a major new digital ecosystem of services to help SMEs.”

The partnership is continued proof of the widespread acceptance of digital receipt solutions, the value of item-level data, and Sensibill’s position as the preferred provider and market leader in the UK and the broader sector.

 

AI STARTUP RUBIKLOUD TO BE ACQUIRED BY OTTAWA-BASED KINAXIS FOR $81.4 MILLION CAD

OTTAWA, ON, June 15, 2020 – Kinaxis® Inc. (TSX: KXS), the authority in driving agility for fast, confident decision-making in an unpredictable world, has signed a definitive agreement to acquire Toronto-based Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.

Globally-recognized retailers and CPG manufacturers in the health and beauty, household and grocery segments use Rubikloud’s AI-based products today. Their offerings include demand forecasting and automation to manage and optimize trade promotions, pricing and assortment to drive product demand and dramatically improve financial results. Kinaxis will enhance RapidResponse’s demand planning capabilities with the Rubikloud offerings, anticipating initial opportunities in the company’s rapidly-growing CPG customer base and over time for other industries such as life sciences. The acquisition also offers Kinaxis a springboard into the enterprise retail industry.

“Rubikloud has capabilities and value that we can offer our CPG customers today, leads us into the retail industry with some bellwether accounts, and adds a group of approximately 80 people to an already-impressive AI and machine learning (ML) team here at Kinaxis. Over time, this enhanced group will contribute to new and existing AI-powered capabilities across the full Kinaxis RapidResponse® platform and applications,” said John Sicard, President and CEO of Kinaxis. “This acquisition reflects the growing importance of AI and ML to power intelligent automation and augment human decision-making to better deliver on customer promises, remove waste and increase resiliency for effective risk management.”

Rubikloud’s SaaS-based ML offerings empower retail and CPG manufacturers to transform their core operations by improving and automating complex, profit-generating decisions. Rubikloud’s proven AI capabilities and intuitive tools enable users to leverage disparate data sources to improve forecast accuracy, site-level allocations, inventory availability and promotion plans by allowing users to run boundless simulations in real time.

“We founded Rubikloud with the belief that purpose-built AI could be used to solve some of the most complex industry problems and we have spent the last seven years building a fantastic product that receives validation from global customers every day,” said Kerry Liu, CEO, Rubikloud. “We’re excited at the prospect of joining Kinaxis, which helps us bring our innovations to a much broader customer base at a faster pace than on our own. Not only that, being two strong Canadian companies we see great cultural synergy and look forward to working on the complex problems we know RapidResponse and concurrent planning can solve for customers.”

Terms of Agreement
Kinaxis will acquire Rubikloud for US$60 million in an all-cash transaction that is expected to close within 60 days. Based on Rubikloud’s current revenue and expense profile, the company’s fiscal 2020 revenue and Adjusted EBITDA guidance, as reiterated in its May 6, 2020 news release, remains unchanged. The transaction is subject to customary closing conditions.

About Kinaxis Inc. 
Everyday volatility and uncertainty demand quick action. Kinaxis® delivers the agility to make fast, confident decisions across integrated business planning and the digital supply chain. People can plan better, live better and change the world. Trusted by innovative brands, we combine human intelligence with AI and concurrent planning to help companies plan for any future, monitor risks and opportunities and respond at the pace of change. Powered by an extensible, cloud-based platform, Kinaxis delivers industry-proven applications so everyone can know sooner, act faster and remove waste. For more Kinaxis news, follow us on LinkedIn or Twitter.