Point-of-sale company Gilbarco buys strategic partner, which was part of the POS revolution’s early days. Serial investor Yair Goldfinger one of Odysii’s founders
As stores have moved online, the old-school approach of sticking the candy bars in the checkout line has gone digital. Taking advantage of the little known fact (to consumers anyway) that 70% of our online purchasing decisions are made at checkout, marketers have tried to hone their last pitch. It’s a digital version of a Persian bazaar, getting you to drop a little more cash just before you walk out the door.
Now, one Israeli company that helped pioneer the those modern techniques is celebrating a startup’s exit.
Convenience store-focused Gilbarco announced on Monday the acquisition of Israeli company Odysii for an undisclosed amount. The two companies launched a strategic partnership in 2012 with Gilbarco pushing Odysii’s upselling solution Impulse™, which uses real-time predictive analysis to guess other products of interest to customers. Gilbarco specializes in point-of-sale (POS) at gas stations and convenience stores.
Just another point-of-sale system?
News has been few and far between for the SaaS company over the years. Odysii raised $20 million in Series A back in 2008 from Giza Ventures and Benchmark Capital. There was clear enthusiasm for the company that was pioneering new online point-of-purchase techniques. They went on to service HSBC, Bank Santander, Western Union, Bank Leumi (Israel), the Israeli National Postal Service and 7-Eleven, among other clients.
But over the years, dozens of competitors have entered the fray. The global POS terminal market is expected to grow 11.6% annually to about $50 billion by the end of the decade.
Another exit for serial investor Yair Goldfinger
It is the second recent exit for co-founder Yair Goldfinger, who was part of the team at ICQ when AOL bought their messaging platform in 1988 for the then-staggering amount of $407 million (it’s still staggering today, but you get the idea). He has since become a serial angel investor for successful exits. In 2009, Goldfinger was a partner with Jajah when it was sold for $207 million to Telefonica and in 2011, he was CTO at Dotomi when ValueClick laid down $295 million for the company.
Yair Goldfinger and CEO Adi Eyal founded Odysii in 2004. The company will retain its offices in Tel Aviv and become a new, separate branch of Gilbarco. They currently employ about 350 people.