Woolworths (ASX:WOW) upgrades stake in Quantium - Sequoia Direct Pty Ltd

20AprApril 20, 2021

Woolworths (ASX:WOW) upgrades stake in Quantium

Supermarket operator Woolworths (ASX:WOW) has upgraded its stake from 50 per cent to 75 per cent in data analytics specialist Quantium.

The owner of Australia’s biggest supermarket chain has splashed $223 million to become Quantium’s majority stakeholder, according to Woolworth’s announcement today.

The deal will allow the ASX-listed grocer to incorporate the data science firm into its operations and boost the company’s overall database and data-analysing capabilities

Woolworths CEO Brad Banducci said, “Advanced analytics is key to improving the experiences, ranges and services we provide to our customers and the support we provide to our teams and suppliers”.

The increase in the Woolworth's stake will pave the way for the company’s new data science initiative called Q-retail. The project is designed to collect data science offerings from separate groups.

Shares in Woolworths (ASX:WOW) are trading 0.5 per cent lower at $41.80
Copyright 2021 – Finance News Network

Source: Finance News Network

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