Tag: Board

03
Feb

Sensibill welcomes Tom Shen as chair of the board

TORONTO, Feb. 03, 2020 — Sensibill announced today that digital banking veteran Tom Shen has been appointed chair of the board. Shen is joined on the board by Corey Gross, co-founder and CEO of Sensibill, David Unsworth, general partner at Information Venture Partners, and Benji Sucher, general partner at Radical Ventures.

Shen’s addition to the board is part of a series of executive appointments designed to help the company fulfill its mission of powering financial institutions with innovative solutions that drive customer value and engagement, while expanding the data streams financial institutions need to forge deeper relationships. Sensibill secured $31.5 million USD in Series B funding in 2019 to further support this initiative. The round was led by Radical Ventures, with participation from the National Bank of Canada and others. Radical Ventures is focused on applying data and AI on a global scale; their involvement adds a deeper layer of data expertise that is complemented by Shen’s digital banking experience.

Shen is a proven expert at scaling digital banking services for financial institutions. He was the founder and CEO of digital banking solutions provider Malauzai, which he sold to Finastra in 2018. Finastra attributed the company’s market leadership and open approach as part of its purchasing decision. In 2005, Shen joined the executive team at Digital Insight, an internet banking and payments provider ultimately acquired by NCR Corporation (NYSE: NCR). The first company he founded was Software Dynamics, Incorporated (SDI), a provider of teller and platform automation software that grew to work with more than 1,200 financial institutions before it was sold to S1 Corporation in 2001. The business was later acquired by ACI Worldwide (NASDAQ: ACIW).

“Sensibill is at the precipice of a major breakthrough,” commented Shen. “The company has joined forces with some of the world’s leading financial institutions, and they are highly proficient in a market that is ripe for change. Customers have become accustomed to personal and on-demand service from their experiences with big tech; Sensibill’s use of purchase data and AI expertise makes these user experiences readily available to financial institutions.”

Gross added, “There are only a handful of digital banking innovators of the caliber of Tom Shen. His success building and delivering game-changing digital solutions for financial institutions has been proven time and again. We’re excited to have him join Sensibill as we endeavor to make banking more personal.”

Sensibill has raised a total of $46.5 million USD and has partnered with the largest financial institutions and digital banking providers in the U.S., the U.K., and Canada.

 

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.