Instacart acquires Eversight, an AI-powered pricing and promotions platform for consumer packaged goods (CPG) brands and retailers, the company announced Thursday. Financial terms of the deal were not disclosed.
Founded in 2013, Eversight enables retailers and CPG brands to continuously test personalized pricing and promotions directly with their individual customers. The company’s technology shows real-time and personalized insights about the promotions that best resonate with customers and influence their purchasing decisions. Eversight, which is based in Palo Alto, California, has raised $24.2 million to date.
Instacart says the acquisition will give retailers and CPG brands access to new individualized and personalized pricing tools, along with dynamic insights into customer behavior to improve sales, growth and customer experience. The company believes the acquisition will unlock better promotions and pricing for customers while transforming pricing and promotion strategies for its partners.
“Giving everyone access to the food they love is at the heart of Instacart’s mission, and when it comes to grocery shopping, we know every dollar counts,” Instacart CEO Fiji Simo said in a statement. “With higher inflation and an increase in the average price of groceries, we are taking even more steps to make food and everyday goods more affordable. By combining Eversight’s leading pricing and promotions capabilities with Instacart’s world-class teams and technology, we are able to deliver even more value to our brand and retail partners while creating more opportunities for customers to maximize your savings both in-store and online.”
Instacart notes that Eversight’s CPG and retail partners include many of its own partners, including Hershey’s, Coca-Cola and Raley’s.
Eversight’s CPG offerings will now be part of the Instacart Ads product and technology suite. For retailers, Eversight’s retail technology will be part of Instacart Platform. Eversight will be available to retailers through Carrot Insights, which is Instacart’s dashboard that tracks key results and metrics.
“We founded Eversight to help brands and retailers be more agile and consumer-centric with their pricing and promotions solutions,” David Moran, co-founder and chairman of Eversight, said in a statement. “This is particularly critical in today’s high inflation environment, with rapidly changing shopping behaviour. By joining with Instacart, this technology can be scaled across online and offline pricing to make grocery shopping more affordable for everyone, while driving more value for CPGs and retailers. We are excited about our future together as we strive to become one of the most strategic and valued technology platforms for our partners.”
Today’s announcement marks Instacart’s third acquisition in the past 12 months.
Last October, Instacart acquired Caper AI, a startup that builds smart cart and cashier-less checkout technology that uses computer vision and other techniques to detect items and call shoppers, for about $350 million, in a combination of cash and stock. The company’s acquisition of Caper AI followed just weeks after Instacart acquired FoodStorm to help stores accept and manage larger orders of ready-to-eat food in a catering style. Financial terms of the deal were not disclosed.