Big W Owner Boosts Stake In Data Company
Woolworths Group has moved to take control of data analytics firm Quantium, putting down $223 million to increase its stake to 75 per cent.
As reported by the Australian Financial Review today, Woolworths – which owns Big W – will take over Australia’s oldest data company and establish Q-Retail, a new business unit focused on delivering Woolworths’ plan for advanced analytics as well as global commercialisation of retail products.
The move could provide a boost to Big W, whose e-commerce division is already surging, having more than doubled its sales in the six months to January.
According to Woolworths Group CEO Brad Banducci, advanced analytics such as those provided by Quantium are key to improving service to customers as well as support to staff and suppliers.
“The way we gather data, interpret it and protect it is becoming ever more important. Through this transaction, we aspire to bring together Quantium’s advanced analytics capability and Woolworths Group’s retail capabilities to unlock value across our entire retail ecosystem,” he said.
Woolworths currently owns 47 per cent of Quantium after buying a 50 per cent stake for around $20 million in 2013. CEO Adam Driussi, who will continue to lead Quantium after the takeover, says the company is “delighted” to deepen its existing Woolworths partnership.
“This partnership enables Quantium to further build out our retail capabilities while accelerating our vision to be the world’s most respected and impactful data science and AI partner,” he said.
The deal is expected to complete by the end of the financial year.