Google acquired Irish retail technology company Pointy in a multi-million dollar agreement.
Founded in 2014 by Mark Cummins and Charles Bibby, Pointy offers small retailers a way to make their actions visible online without having to invest in a complete e-commerce system. The application directs buyers to places where certain items are available locally, rather than pushing them toward e-commerce giants like Amazon.
Pointy is expected to continue operating from its own offices in Dublin and develop its product platform.
The agreement will be closed in the coming weeks. Although the acquisition was not valued, Pointy previously raised $ 19.2 million (€ 17.3 million) from investors, including a Series B round in 2018 that threw $ 12 million.
Retailers connect the “pointed box” to the store’s barcode scanner and then use their scanner normally. The device is previously paired with the Pointy website. Once the retailer starts using the scanner, the system uses algorithms and machine learning to estimate stock levels.
The company has previously partnered with Google, including a “see what’s in store” feature to help thousands of local merchants display data within Google. Other associations include Lightspeed, Clover and Square point-of-sale companies.
The company’s investors include Frontline Ventures, Polaris Capital, Draper Associates, WordPress founder Matt Mullenweg, Google Maps co-founder Lars Rasmussen, Transferwise co-founder Taavet Hinrikus and Bebo co-founder Michael Birch. Former Irish rugby player Jamie Heaslip also backed the company.
“Pointy’s vision is to make consumers look for the world’s offline products and train merchants to become” smart retailers, “said Will Prendergast, a partner at Frontline Ventures. “After the acquisition, Google will continue to implement Pointy technology to further improve the local consumer experience and train local retailers to be more efficient and more profitable.”