PayPal announces they have acquired Jetlore, an AI-powered prediction platform for some of the world’s top retailers. The company on its website in names eBay, Evino, Dafiti, Linio, Secret Escapes, and Stackcommerce as some of its clients.
For eBay, Jetlore claims to have increased revenues by 68 percent per email opened and reduced customer churn in a Jetlore test group by 12 percent.
Headquartered in San Mateo, Calif., Jetlore was founded in 2011 by Ph.D. students from Stanford University’s computer science program with the goal of applying the power of machine learning to the retail market.
Jetlore’s proprietary prediction platform empowers global online retailers to deliver personalized customer experiences to increase sales and loyalty.
The company is led by many pioneers in retail AI, including Eldar Sadikov, Montse Medina and Sergey Andreev, who will join PayPal.
With Jetlore’s talent and AI-powered technology, PayPal believes it will enhance and accelerate PayPal Marketing Solutions, adding new capabilities that continue to expand PayPal’s value proposition for merchants beyond the online checkout experience.
Big Business Acquisition
This is the second major acquisition this month by PayPal. Earlier this month we reported on PayPal acquiring iZettle, a payment solution for small business merchants.
With this purchase, PayPal seems to address another segment for its future, which is working with marketplaces and major online retailers.
To date, Jetlore did not position itself as a solution for smaller or micro businesses. PayPal may develop a future for this segment with Jetlore’s technology, but that won’t be in the immediate short term.
No financial terms were disclosed and the purchase apparently wasn’t significant in value for PayPal to hold an investor conference call or provide financial details.
If you like to comment on this story, head over to our Facebook Discussion Group or use the comments section below.