Bengaluru's Algonomy to acquire Sri Lanka's Linear Squared

Bengaluru: Algonomy, an artificial intelligence and algorithmic decisioning software firm, plans to acquire Linear Squared, a Sri Lankan cloud-based technology company specialised in building demand planning and forecasting products.

Linear Squared uses AI and machine learning to develop software-as-a-service solutions for consumer-packaged goods, retail, financial services, telecom and other industries.

For Algonomy, which has Walmart Canada, Comcst, Flipkart and Pizza Hut among its clients, Linear Squared’s demand-forecast platform “sits right in the middle” of its technology products, the Bengaluru-based company’s founder, Atul Jalan, told ET. “Secondly, there is a team of around 40 AI and ML people."

He did not disclose the financial terms.

The acquisition would also allow Algonomy to meet its objective of quickly and efficiently scaling up its AI technology operations by setting up an AI and machine learning engineering centre in Sri Lanka, he said.

Algonomy, Jalan said, plans to acquire more companies in its run up to an initial public offering.

BOV Capital, backed by former Google India head Rajan Anandan, has invested in Linear Squared, cofounded by Sankha Muthu Poruthotage, who is also its chief executive.