Atul Jalan-led AI co Algonomy seeks to buy Lankan tech firm Linear Squared

Deal value not disclosed; Linear Squared is a cloud-based tech company specialised in building demand planning and forecasting products for CPG, grocery retail industry and other industries

Algonomy, the artificial intelligence company led by serial entrepreneur Atul Jalan, announced its intent to acquire the business of Colombo-based Linear Squared, a cloud-based technology company specialized in building demand planning and forecasting products for CPG, grocery retail industry and other target industries. The proposed acquisition is subject to corporate and regulatory approvals.  The companies didn’t reveal the value of the transaction.

Linear Squared (Pvt.) Ltd. specializes in developing SaaS products leveraging on a combination of cutting-edge technologies including cloud platform and statistical models to deliver solutions to business problems across multiple domains including CPG, grocery retail, Apparel, FMCG, financial services & Telecom. Based out of Sri Lanka, it is home to the largest pool of AI and ML engineers in the country.

“The intended acquisition would allow Algonomy to augment its product offering for consumer products and grocery retail industry segments by integrating Linear Squared’s best of breed demand planning and forecasting product technology into Algonomy’s retail merchandising and supply chain solutions portfolio,” said Atul Jalan – founder and CEO, Algonomy. “It would also allow Algonomy to meet its objective of quickly and efficiently scaling up its AI technology operations by setting up a highly-skilled AI and ML engineering Center of Excellence in Sri Lanka.”

The product portfolios of both companies are complementary in nature. Hence the consolidated product portfolio can deliver substantial value to customers by providing an end-to-end algorithmic solution.

The acquisition will also provide significant opportunities of collaboration and growth for Linear Squared employees. In the long term, the firm expects to become an integral part of Algonomy’s global product and R&D operations to serve multiple product lines.

"We founded Linear Squared with a vision to deliver ready-to-use AI and ML-driven products that convert data to proactive actions to solve some of the most complex industry problems," said Sankha Muthu Poruthotage - CEO and co-founder, Linear Squared. "We're excited at the prospect of joining Algonomy, which will help take our innovations to a much broader customer base at a faster pace than on our own. In the short term, it will improve time-to-market and business growth of our supply chain AI solutions for CPG and grocery retail segments.