RELEX Solutions announces Formulate acquisition

Unified retail planning solutions big hitter RELEX Solutions has acquired Formulate, a Swedish promotion planning and analytics company.

Terms of the deal were not disclosed.

This comes on the heels of a €500 million funding round led by funds managed by Blackstone Growth.

RELEX says that the acquisition will strengthen its supply chain and retail platform and allow the Formulate software to reach a more extensive global network of customers.

In 2021, RELEX grew its customer base to over 350 clients and almost doubled its software revenue bookings.

Headquartered in Helsinki, Finland, the company has offices in the US, UK, Germany, Italy, Spain, Portugal, France, Sweden, Norway, Denmark, Poland, Singapore, Australia, and Hong Kong.

Clients include Dollar Tree, M&S Food, Franprix, Morrisons, PetSmart, Sephora, and Rossmann.

“Now, more than ever, retailers and brands need adequate promotion planning software to optimize their efficiencies and profits as misinterpreting sales data can be costly,” says Andreas Willgert, Co-Founder and CEO at Formulate.

“That’s why we’re excited to partner with RELEX and accelerate our growth and reach a wider customer base.’

“Formulate will be fully integrated into the unified RELEX Living Retail Platform, which will allow us to bring this great technology to more retailers across the globe, helping retailers and brands achieve marked results in their promotion planning.” 

“RELEX and Formulate offer valuable services that are already very aligned, and between both companies, we have a great deal in common, including many of the same customers. This acquisition will strengthen our product portfolio in an area where our business is experiencing high customer demand,” says Mikko Kärkkäinen, RELEX’s Group CEO.  

“Their cutting-edge, innovative promotion planning solution and highly skilled promotional experts will be a great cultural fit for RELEX and a perfect addition to our suite of solutions.”

“We are excited to help bring this technology to the global retail market and improve our customers’ experience.”

AcquisitionsStaff WriterRELEX Solutions, Formulate, Retail technology, AcquisitionsComment