Global computer vision provider Trax has announced its acquisition of Planorama, Europe’s top supplier of image recognition services.

Planorama uses AI-powered image recognition in stores to monitor point-of-sale compliance and to improve the perfect instore journey.

Founded in 2010 and based in Singapore Trax, which offers similar tech capable of 'reading' products on shop shelves, hopes the acquisition will build upon its growth as a billion dollar company.

Planorama is the latest company to join the Trax family this year, following China’s AI and big data service provider, LenzTech, and U.S. based shopping rewards app, Shopkick.

A spokesperson told BusinessCloud that the acquisition will add to Trax’ work with major brands in the UK and EMEA, and will directly impact the insights they get, ultimately improving sales.

“The improved technology as a result of the acquisition will be rolled out globally, and will therefore affect the UK retail landscape,” they said.

Joel Bar-El, CEO and co-founder of Trax, described the acquisition as an important moment for his firm.

“By combining our innovative cultures, we see an incredible opportunity to leverage the best of both companies’ leading technologies, product offerings, delivery expertise and talent.”

Dror Feldheim, chief commercial officer and co-founder, Trax added:“Over the years, Trax has redefined the retail industry with its purpose-built solutions and services and CPG expertise,”

“Joining forces with Planorama, we will deliver a holistic, closed-loop approach to solving the most pervasive and systemic issues facing retail today.”