Joint software venture between Sri Lankan and Indian companies
Linear Squared (Pvt) Ltd, a Colombo-based Cloud business technology company will be acquired by Algonomy, a leader in Artificial Intelligence and Algorithmic software company based in Bangalore and in the US to further enhance business application in AI technology globally, said CEO/Co-Founder of Linear Squared company, Sankha Muthu Poruthotage at a joint media briefing held at the Cinnamon Grand Colombo on Wednesday.
He said Linear Squared was started five years ago in Sri Lanka and with the acquisition by Algonomy, its AI technology and machinery for business application will be globally available for companies that require such technology. Where Linear Squared is concerned it provided companies not only with software but with artificial intelligence as well. Its products were 100 per cent built by local talent.
Linear Squared specialises in developing products with a combination of cutting edge technology such as machine learning, AI, cloud platform and statistical models to deliver solutions to business problems across multiple domains including CPG, grocery retail, apparel, FMCG, financial services, and telecom. Based out of Sri Lanka, it is home to the largest pool of AI and ML engineers in the country. “We share so much in common with Algonomy and that made us align with them,” he said.
Atul Jalan, Founder and CEO – Algonomy, said they were excited by the partnership with Linear Squared (Pvt) Ltd. “This seems quite natural to us and the acquisition would allow Algonomy to augment its products offering consumer products and grocery retail industry segments by integrating Liner Squared’s demand planning and forecasting product technology with Algonomy’s retail merchandising and supply chain solutions portfolio,” he said.
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 and ML Engineering Centre of Excellence in Sri Lanka. “In the next two to three years we intend to become a global leader by coming together. I am satisfied and impressed with the quality of talent available and developed by Liner Squared,” he said. Algonomy is based in Seattle, San Francisco also has operations in Bangalore.
Mr. Jalan’s vision is to keep the spirit of invention alive by becoming one of the leading contenders in providing companies with analytics business solutions for consumer industries worldwide. Algonomy is his fourth successful venture after Micro Track, Cybertrek and Net Kraft and today is among the few Indian companies that can boast an analytics portfolio that several Fortune 500 companies rely on.
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