Retail startup Trax buys US rewards app Shopkick

The app lets shoppers earn rewards by browsing online offers and scanning product barcodes.

Singapore-based retail startup Trax is adding a customer-tracking service to its portfolio of retail technologies after it announced plans to acquire US rewards app Shopkick, a report by Bloomberg revealed.

California-based Shopkick lets shoppers earn rewards and gift cards by browsing online offers, watching videos, walking into stores or scanning product barcodes on shelves. Trax didn’t disclose how much it’s paying but seller SK Telecom Co. acquired the Californian outfit for US$200m in 2014, The Wall Street Journal reported.

The transaction comes as Trax finalises a deal to raise US$100m at a pre-money valuation of about US$1.1b. The round was aimed at financing acquisitions, including of LenzTech Co., a Beijing computer vision startup it recently purchased.

The Singapore startup plans an initial public offering in 18 to 24 months and is in talks with Singapore Exchange (SGX) for a potential dual listing after the local bourse approached the company, CEO Joel Bar-El said in an interview.

Read the full report here.

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