Singapore retail tech startup Trax acquires US shopping rewards app

It’s also on track for an for IPO.

Source: Unsplash

Trax, a Singapore-headquartered retail tech startup announced in an official statement that it has acquired California-based shopping rewards app Shopkick.

Trax did not reveal the amount it has paid. It looks like the acquisition was made via SK Telecom. According to The Wall Street Journal, the Korean telco in 2014, acquired Shopkick for USD 200 million.

Shopkick’s programs help provide data and insights into customer behavior and loyalty for clients like Ebay, Lego and Unilever. Trax says it will bring Shopkick’s technology into its operations, speeding up its goal of digitizing the physical retail world.

This acquisition is part of the flurry of announcements Trax has made in 2019. The company, already a unicorn with a valuation over USD 1 billion, finalized a deal to raise USD 100 million in May and merged with Chinese retail AI platform LenzTech in June. Trax is also reportedly planning an initial public offering in the next 18 to 24 months and is in talks with Singapore Exchange Ltd for a potential dual listing, Bloomberg reports.