Samsung is in talks to acquire indoor retail and shopping navigation company ShopCloud. According to a report in the technology blog "Geektime" based on sources familiar with the details ShopCloud's founders met with Samsung's VP acquisitions last week and the acquisition could take place for as much as $80-90 million.
ShopCloud's technology requires no hardware, just sensors built into smartphones, and this makes it unique. ShopCloud's co-founder and CEO recently told "Globes," "Google offers location-based identification to a level of 6 meters which requires use of available Wi-Fi and technology just on an Android device. Our accuracy is just one meter and we can provide navigation within the store."
ShopCloud has received approvals to map stores and operate in most of Israel's main shopping malls. The company also plans mapping major public facilities such as soccer stadiums and basketball arenas, hospitals, municipal buildings and much more. The company is already in talks with its first three malls in the US.
The company, which was founded in 2012, has raised $2 million to date from private investors including outgoing Ikea Israel CEO Shlomi Gabay and Jeremy Moon.
Published by Globes [online], Israel business news - www.globes-online.com - on April 3, 2014
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