Instacart is acquiring Eversight, an AI-powered pricing and promotions platform for Consumer Packaged Goods (CPG) brands and retailers, the company announced on Thursday. The financial terms of the deal were not disclosed.
Founded in 2013, Eversight allows retailers and CPG brands to continuously test customized pricing and promotions directly with their individual customers. The company’s technology surfaces real-time and custom insights into the promotions that best resonate with customers and impact their purchasing decisions. Eversight, which is based in Palo Alto, California, has raised $24.2 million to date.
Instacart says the acquisition will give retailers and CPG brands access to new individualized and customized pricing tools, along with dynamic insights about customer behavior to improve sales, growth and customer experience. The company believes the acquisition will unlock better promotions and pricing for customers, while transforming pricing and promotions strategies for its partners.
“Giving everyone access to the food they love is core to Instacart’s mission, and when it comes to grocery shopping, we know that every dollar matters,” said Instacart CEO Fidji Simo in a statement. “With higher inflation and the average cost of groceries up, we’re taking even more steps to make food and daily essentials more affordable. By combining Eversight’s leading pricing and promotions capabilities with Instacart’s world-class teams and technology, we’re positioned to deliver even more value to our brand and retail partners, while also creating more opportunities for customers to maximize their savings both in-store and online.”
Instacart notes that Eversight’s CPG and retail partners include many of its own partners, including Hershey’s, Coca-Cola and Raley’s.
Eversight’s CPG offerings will now be part of the Instacart Ads product and technology suite. For retailers, Eversight’s retail technology will be part of the Instacart Platform. Eversight will be available to retailers through Carrot Insights, which is Instacart’s data dashboard that tracks key performance and metrics.
“We founded Eversight to help brands and retailers be more agile and consumer-centric with their pricing and promotions decisions,” said David Moran, the co-founder and chairman of Eversight, in a statement. “This is particularly critical in today’s high inflation environment, with rapidly changing shopping behavior. By joining Instacart, this technology can be scaled across online and offline pricing to help make buying groceries more affordable for everyone while also driving more value for CPGs and retailers. We’re excited about our future together, as we build towards becoming one of the most strategic, valued technology platforms for our partners.”
Today’s announcement marks Instacart’s third acquisition in the past 12 months.
Last October, Instacart acquired Caper AI, a startup that builds smart cart and cashier-less checkout technology that uses computer vision and other techniques to detect items and ring them up for shoppers, for around $350 million, in a combination of cash and shares. The company’s acquisition of Caper AI followed just weeks after Instacart acquired FoodStorm to help stores take and manage catering-style larger orders of ready-made food. The financial terms of the deal were not disclosed.