eBay announced Monday it would acquire SalesPredict, a company whose software tries to preempt consumer behavior and monitors individuals’ buying preferences for online shopping.
The move is a bold one by eBay to upgrade its artificial intelligence and data science efforts, according to a statement by the company. While the two companies refused to disclose terms of the deal, it is reportedly worth between $20 and $30 million.
SalesPredict CEO and Co-founder Yaron Zakai-Or takes over as Director of Product Mangement & Technology, while CTO and Co-founder Kira Radinsky becomes the company’s Director of Data Science and Chief Scientist at eBay Israel. The company retains a development center in the coastal Israeli city of Netanya, which is run by Yuval Matalon.
“In partnership with eBay’s broader structured data team, we will help arm eBay sellers with more information about the value of items, ultimately helping to increase customer sales conversions,” Zakai-Or said in a press release.
Radinsky commented, “In founding SalesPredict, our vision was to bring about a major change in how business is conducted by unifying micro- and macro-economic predictions. Today, this vision has yielded state-of-the-art automated data science capabilities.”
“As a data scientist at heart, I’ve always been interested in exploring the myriad ways we can leverage data to predict future high impact events.”
SalesPredict was co-founded by Zakai-Or and Radinsky in 2012. They pitched the Geektime Conference in 2015. Investors include AfterDox, Redline Capital, KGC Capital, Pitango Venture Capital and Russian search giant Yandex.
eBay’s VP and GM of Structured Data, Amit Menipaz, spelled out pretty concisely where SalesPredict’s technology would fit into the online megastore and auction site.
“For our buyers, it will help us better understand the price differentiating attributes of our products, and, for our sellers, it will help us build out the predictive models that can define the probability of selling a given product, at a given price over time.”
The acquisition builds on another recent acquisition by eBay, Expertmaker, which the corporation says will “bolster our structured data efforts.” They also announced the acquisition of Bilboa, Spain-based Ticketbis shortly thereafter.