Swyft acquires automated retail technology provider Utique
|Utique brings 10 patents to Swyft. Photo courtesy of Swyft.|
Swyft Inc., a provider of automated retail technology, has acquired Utique Inc., an automated retail technology provider, according to a press release. The cash and equity transaction will enable Swyft to deploy new technology into its platform and build a higher-end consumer presentation on its software and hardware platforms.
Utique former CEO Mara Segal and former CTO Darrell Mockus have joined the Swyft strategic advisory board.
"Utique is a synergistic technology company that further adds functionality and efficiency into our automated retail product," Lincoln Smith, Swyft vice president of product and marketing, said in the press release. "With the acquisition comes an exceptional user experience in high-end consumer retailing."
Utique was named the "Best New Airport Retail Concept in North America" by Airports Council International; was honored with the "Gold Innovation Award for Best Store Design" by the National Automatic Merchandising Association; and was named in the McKinsey & Co. report, "Ones to Watch in Retail."
The acquisition strengthens Swyft's portfolio of patented inventions with the addition of 10 U.S. patents. Utique owns mechanical patents, a back-end management system patent and user experience and lighting patents.
One patent builds on Swyft's own filings for use of vending machines as distributed micro-warehouses for e-commerce delivery.
The Utique Shop was built as owner-operated retail, a solution that Swyft has not previously offered. The acquisition also includes rules-based retail, a feature that facilitates preprogramming contextual rules in order to maintain greater control in messaging and merchandising to consumers.
In November, Swyft acquired ZoomSystems, a company that had secured an estimated $137 million in investment capital to build its automated retail platform.