Algonomy, a leader in AI and algorithmic decisioning software for retail and consumer verticals, announced its intent to acquire the business of Colombo based Linear Squared, a cloud-based technology company that specialises in building demand planning and forecasting products using AI and ML technologies for CPG, grocery retail industry and other target industries. The proposed acquisition is subject to corporate and regulatory approvals. 

Linear Squared (Pvt) Ltd specialises in developing SaaS products leveraging a combination of cutting-edge technology in ML, AI, cloud platform and statistical models. It delivers solutions to business problems across multiple domains, including CPG, Grocery Retail, Apparel, FMCG, Financial Services, and Telecom. Based out of Sri Lanka, it is home to the largest pool of AI & ML engineers. 

Atul Jalan – Founder & CEO, Algonomy, said in a statement, “The intended acquisition would allow Algonomy to augment its product offering for consumer products and grocery retail industry segments by integrating Linear Squared’s best of breed demand planning and forecasting product technology into Algonomy’s retail merchandising and supply chain solutions portfolio. It would also allow Algonomy to meet its objective of quickly and efficiently scaling up its AI technology operations by setting up a highly skilled AI & ML Engineering Center of Excellence in Sri Lanka.”

“We founded Linear Squared with a vision to deliver ready-to-use AI and ML-driven products that convert data to proactive actions to solve some of the most complex industry problems. We have spent the last six years building fantastic products that receive validation from global customers every day,” said Sankha Muthu Poruthotage, CEO & Co-Founder, Linear Squared.

The product portfolios of both companies are complementary. Hence, the consolidated product portfolio can deliver substantial value to customers by providing an end-to-end algorithmic solution.