Law enforcement contracts, financial research, health care innovation, and now…shopping?
Palantir has purchased omnichannel strategy consultant FancyThat, adding retail and shopping data to its growing analytics portfolio, TechCrunch reported. While the exact terms of the deal were not disclosed, the acquisition was confirmed on FancyThat’s official blog.
FancyThat was founded in June 2013 by four Stanford computer science graduates out of Pejman Mar Ventures’ Garage, a no-equity incubator for startups run in collaboration with other Stanford alums. By using machine learning along with mobile and software technology, FancyThat helps retail outlets optimize store operations like inventory management, as well as helping them figure out consumer shopping habits to maximize in-store sales by complementing traditional retail behavior. This kind of omnichannel development is increasingly being used by major retailers like Macy’s in an attempt to compete with online retail, and is providing customer service that is increasingly seen as a necessity by shoppers who choose to go the traditional brick-and-mortar route for purchases.
“The decision to join Palantir was not made lightly, but ultimately it was clear that our goal of solving important problems in a data-driven way is deeply aligned with theirs,” said FancyThat’s founders about the acquisition. “We are confident that we will be able to drive more value — in the retail industry and beyond — working in concert with the awesome team at Palantir.”
This is Palantir’s fourth major acquisition of a data company, and the second in the field of brands, marketing and sales after buying social marketing and public opinion company Poptip last year. Palantir is currently valued at $15 billion, according to The Wall Street Journal, and is in the midst of a $400 million fundraising round, of which $50 million is currently disclosed, based on analysis by Fortune’s Dan Primack.