Troy-based 365 Retail Markets, a self-service technology and services company, has acquired a smart-store technology company in Silicon Valley.
Stockwell, located in Oakland, Calif., has built a retail platform that focuses on artificial intelligence, machine learning, and computer vision. Users make purchases through their smartphones or other devices and can pick up their products from vending cabinets.
The solution is designed for college campuses, workspaces, and more. Stockwell has more than 1,000 locations, and 365 Retail Markets said it intends to hire select team members and integrate the technology platform into its point of sale systems.
“The future of retail is unattended, no doubt,” says Joe Hessling, CEO of 365 Retail Markets. “By adding the … Stockwell tech platform to the 365 product ecosystem, we are moving closer to our goal of a low-cost, frictionless retail experience.
Over the next few months, 365 Retail Markets said it intends to upgrade the technology for existing customers and locations. Long-term, it plans to use the technology as a base for new products that are slated to hit the market in 2021.
Founded in 2009, 365 Retail Markets works in the contract foodservice industry. It offers micromarket, vending, and dining technologies to customers in the U.S., Europe, and Australia.
In May, 365 Retail Markets debuted 365 PicoMarket, a new versatile technology that can be used on vending machines and coolers. For more information, click here.
In 2016, Hessling was a DBusiness Champion of the New Economy, his profile can be found here.