ToolsGroup, a global leader in retail and supply chain planning and optimization software, announced today the acquisition of Evo, a provider of artificial intelligence (AI) and machine learning (ML) solutions for business performance optimization. The integration of Evo’s responsive AI solutions with ToolsGroup Service Optimizer 99+ (SO99+) and JustEnough® solutions will offer customers the most efficient, real-time supply chain and price optimization solution available.
“The acquisition of Evo brings together two companies with complementary products, values, visions, and customers,” said ToolsGroup CEO, Inna Kuznetsova. “ToolsGroup is a leader in Dynamic Planning, and the addition of Evo extends that lead with dynamic price optimization. The Evo capabilities in non-linear optimization, quantum learning, and advanced prescriptive analytics will enable us to make the next leap in our journey toward Decision-Centric Planning. And Evo’s responsive AI gives us an essential ingredient to deliver the autonomous supply chain of the future. Evo’s technology directly supports our mission to make the supply chain a force for good, and we are excited to welcome the Evo team to our company.”
Fabrizio Fantini, Founder and CEO of Evo, commented: “Together with ToolsGroup, we can shape the vision for the supply chain of the future – one that powers smarter supply chain decisions for human managers through optimal price and inventory calculations. Our goal is to make the complex science of artificial intelligence easy to use and deliver products that don’t just work but work for you. Joining ToolsGroup will allow us to extend the impact we can deliver beyond pricing and inventory optimization, to better decision making across the entire value chain.”
ToolsGroup supports over 400 customers in optimizing their inventory to meet service level or assortment requirements while achieving the best financial outcomes. By combining the proven data science capabilities of Evo with the end-to-end capabilities and mature ML models of ToolsGroup’s retail and supply chain planning applications, organizations can truly optimize business outcomes. Customers using ToolsGroup will deliver the right product to the right customer at the right time – and now, with EvoAI, at the right price.
"Evo has successfully completed its growth journey within I3P, the Innovative Companies Incubator of Politecnico di Torino, with such distinction that in 2021 they earned our 'Startup of the Year' award", said Giuseppe Scellato, President of I3P. "We are proud they have achieved this important new milestone, again clearly demonstrating the quality and value of the AI technologies Evo has developed over the years."
“At Event Network, we aim to optimize the retail potential of experiential attractions. Pricing is critical for achieving that objective, but the inherent complexity of our business and of the broader retail landscape created a challenge to get timely, relevant insights,” said Evo customer, Larry Gilbert, CEO of Event Network. “EvoAI pricing optimization provides sustainable innovation, supporting our delivery of the outstanding guest experiences we aim for. We are very excited about this new chapter in Evo's journey.”
Following a significant investment in 2021 from tech-focused private equity firm Accel-KKR, ToolsGroup has expanded its product offerings through the Just Enough demand management acquisition in 2021 and Onera retail execution acquisition in 2022. In August 2023, ToolsGroup was listed among the Gartner® Magic Quadrant™ for Supply Chain Planning Solutions (Midmarket Context).
Park Durrett, Managing Director at Accel-KKR, stated, “We’re pleased to support ToolsGroup’s commitment to deliver continuous innovation that help customers optimize their supply chain operations. The Evo acquisition is part of an ongoing strategic plan to ensure that ToolsGroup remains the category leader at delivering strategic solutions and unlocking new value for customers.”