Global artificial intelligence (AI) and algorithmic decisioning software company Algonomy announced its plans to acquire the business of Linear Squared (Pvt.) Ltd., a cloud-based technology company in Sri Lanka specializing in building demand planning and forecasting products. The acquisition is subject to corporate and regulatory approvals.
This acquisition paves the way for both Algonomy and Linear Squared to integrate their efforts in helping clients better understand their customers’ behaviors and patterns, as a result driving forward clients’ sales and frontend marketing performance.
Commenting on the acquisition at the media conference, Atul Jalan, Founder & CEO of Algonomy said: “The intended acquisition would allow Algonomy to augment its product offering for consumer products and grocery retail industry segments by integrating Linear Squared’s best of breed demand planning and forecasting product technology into Algonomy’s retail merchandising and supply chain solutions portfolio. It would also allow Algonomy to meet its objective of quickly and efficiently scaling up its AI technology operations by setting up a highly skilled AI & ML Engineering Centre of Excellence in Sri Lanka.”
Responding to a query as to what influenced Algonomy to acquire the business of Linear Squared, Jalan noted that the exceptional talent and the sophistication of the products offered by Linear Squared were promising. He emphasized that therefore, the current leadership team of Linear Squared will remain with larger global roles, along with the employees.
Currently, Algonomy’s client base includes big names such as Walmart Canada, Comcast, Honeywell, Carrefour, Love’s, Future Group, Flipkart, L’Oreal, Coop Danmark, United Supermarkets, Price Chopper, McDonald’s India, Pizza Hut, KFC Canada, Dominos India, Alshaya, and Robinsons, among many others.
Linear Squared specializes in developing end-to-end solutions leveraging on a combination of cutting-edge technologies such as AI, machine learning, and cloud platform as well as statistical models to deliver solutions to business problems across multiple domains including CPG, grocery retail, apparel, FMCG, financial services, and telecom. Home to the largest pool of AI & ML engineers in the country, among the key clients of Linear Squared are Dialog Axiata, Sunshine Holdings, and GlaxoSmithKline (GSK).
We founded Linear Squared with a vision to deliver ready-to-use AI and machine learning-driven products that convert data to proactive actions to solve some of the most complex industry problems. We have spent the last six years building fantastic products that receive validation from global customers every day,” said Sankha Muthu Poruthotage, CEO and Co-Founder of Linear Squared.
As per the acquisition, Linear Squared will be rolled into Algonomy, where Linear Squared’s products will be part of Algonomy’s wider suite of products. Algonomy believes this acquisition provides the opportunity for the company to be among the top three companies in the industry globally.
Moreover, the Centre of Excellence in AI & ML Engineering in Colombo will focus on research and development (R&D) and product development. The addition of this new centre will bring the total number of R&D centres across the world to four, with others already established in Seattle, San Francisco, and Bengaluru. Notably, through the centre in Colombo, Algonomy aims to set up Sri Lanka as a centre for specialized talent, especially in the areas of Artificial Intelligence and Machine Learning.
Wing Commander (Retd.) D. Pradeep S. Kannangara elected president, Industrial Security Foundation
The Industrial Security Foundation (ISF) which acts as the sole organization in Sri Lanka to represent the Private Security industry having incorporated by an Act passed in the Parliament, Act No. 51 of 1999, elected Wing Commander (Retd.) Pradeep Kannangara as its President for the years 2022/2023 at its 30th annual General Meeting which was held at the PIM Auditorium in Borella. Wing Commander Pradeep Kannangara was appointed President while 14 other members were appointed to the Executive Committee, strengthening the ISF in order to drive and uplift the standards of the private security industry in Sri Lanka.
He has served on the ExCo consecutively since 2012 under four different presidents where he held the positions of Senior Vice President during the last three consecutive years. He has also been a committed member of the ISF and was awarded prestigious coveted FISF title due to his many valuable contributions to the organization and the Private Security Industry in Sri Lanka in 2012.
Wing Commander Kannangara’s journey into private security began after a successful career in the Sri Lanka Air Force for over 24 years where he served in many capacities finally being the Officer Commanding of the Special Air Borne Force. A recipient of the Ranasura Padakkama (RSP) Gallantry award for his bravery, sacrifices and service to the nation by the President of the Socialist Republic of Sri Lanka in 1990. He holds a Master’s in business management from the Edith Cowan University, Perth, Australia too and serves as a Board Director in AB Securitas (Private) Limited in Sri Lanka and AB Securitas Bangladesh Limited.
Kitchen & Bedroom reaffirms its partnership with Häfele Sri Lanka
Kitchen & Bedroom, a name synonymous in the interior designing and furniture sector in the country recently celebrated its long-standing partnership with Häfele Sri Lanka during the latter’s 12th year anniversary celebratory event, reaffirming its ambitious plans to further strengthen and explore the numerous opportunities available here.
Häfele Sri Lanka, part of Häfele India which is a wholly owned subsidiary of the Hafele Global network, is a technology partner for various projects and initiatives of Kitchen & Bedroom. Both the companies operate in the interior design space, sharing their cumulative knowledge and expertise to provide extensive and personalized solutions catering to domestic requirements.
‘We take great pride in our association with Häfele Sri Lanka having exchanged and collaborated on many projects both commercial and household. We share similar values such as providing high quality, sustainable, functional and customized solutions to our customers, and most importantly to guide them through every aspect and step of the project and how best we could bring out their desired design,’ said Dr. Sacquaff, Kitchen & Bedroom Group CEO.
DSI strengthens its islandwide presence with three new showrooms
Amid the prevailing economic hardships faced by Sri Lanka, Sri Lanka’s premier footwear brand DSI recently expanded its islandwide presence in the country with the opening of three new showrooms in Kahawatta, Akuressa, and Chavakachcheri, with the aim of offering greater access to its diversified product range to a wider customer base.
Gracing the special occasion, the showrooms were declared open by D. Samson & Sons (Pvt.) Ltd. Managing Director Thusitha Rajapaksa, in the presence of Director Asanka Rajapaksa, General Manager Pradeep Samarathunga, National Sales Manager – Retail Sales Naleen Weerawardana, invitees, and well-wishers.
Speaking at the opening ceremony, Thusitha Rajapaksa stated: “We are excited about expanding DSI wings to three new locations. Despite the ongoing economic conditions of the country, we took a call to take a proactive measure to expand our islandwide presence. While it has been a challenge, the commitment and hard work of our team has made it possible to serve our loyal customers better, and we are confident that we will be able to continue these efforts in the future as well.”
DSI is renowned for its well-trained staff who offer exceptional customer service. The three new DSI showrooms prioritize providing a unique service and customer support to make purchasing further convenient for the customer.
Weerawansa’s wife sentenced to RI
Unions predict end of energy sovereignty
US Ambassador calls on Speaker
‘Dates have the highest sugar content to fight Coronavirus’
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Sunday Island 27 December – Headlines
News2 days ago
Economic crisis: MR, ministers, CBSL Governor, Dr.PBJ ignored IMF warnings
News3 days ago
Lanka’s Amb. in Tokyo quits amidst bid to secure USD loan
Sports3 days ago
Kamil Mishara expelled from Dhaka after having ‘visitor’ in hotel room
News5 days ago
MR had not decided to resign on 09 May, says Weerasekra
News6 days ago
Two views on Gota going, food crisis threat by August: Ranil
News4 days ago
More Opp. members switch allegiance as six more ministers are sworn in
Features6 days ago
Ranil-Rajapaksa Interim Government and Cabinet are a betrayal of the People
News5 days ago
Speaker proposes how to steer SL out of crisis