Company Brings Unified Approach by Combining Traditional & Modern Retail Channels Through Single Platform
Santiago, CHILE, Bogotá, COLOMBIA & Mexico City, MEXICO – May 2, 2024 – Teamcore, a leading retail execution technology platform with AI-based solutions for consumer goods companies (CPGs), has closed on the acquisition of Grupo BIT, a prominent Colombian technology provider specializing in business intelligence for traditional retail channels (small retailers, wholesalers and distributors). This strategic acquisition complements Teamcore’s strength in serving modern retail channels and expands the company’s footprint in Colombia.
The Grupo BIT acquisition is the latest in a series of strategic product and geographic acquisitions for Teamcore backed by global private equity firm Accel-KKR, including the Pabis acquisition in Mexico and Tech-K in Chile in 2023. Together, these acquisitions mark a transformative milestone in the consumer goods landscape in Latin America as Teamcore becomes the first software company to bring a unified approach in end-to-end visibility across the full range of modern and traditional retail channels for multiple country marketplaces.
Currently, CPGs have to consolidate data, reports and information from many disconnected systems implemented for different countries. Teamcore aims to be a real-time one-stop platform for brands to have complete sales performance visibility in online, offline, modern and traditional channels. By utilizing a full end-to-end visibility platform, brands can eliminate manual and complex reporting, speed up decision making, conduct more accurate and efficient product inventory and promotion planning – all to ultimately reduce sales loss and increase revenue. Furthermore, the company plans to provide actionability solutions so clients can move seamlessly between analyzing retail data and executing real-time inventory, field and promotional actions across countries and marketplaces from one unified platform.
Sergio Della Maggiora, CEO and co-founder of Teamcore stated, “Combining with Grupo BIT is highly strategic in a number of ways: together, we can better serve Grupo BIT customers in Colombia with Teamcore solutions for their modern retail channels. And vice versa, we can bring Grupo BIT’s expertise in traditional channel operations to Teamcore’s footprint including large and vital markets like Mexico. Providing this type of full-range solutions across different countries via a single platform is quite revolutionary. It is part of our overarching mission to be the trusted partner that help CPGs and brands use data and technology seamlessly to maximize sales and take their Latin America commercial strategies to new heights.”
Teamcore’s expansion into the Colombian retail market comes at a time when technology adoption has proven to be a key factor in boosting productivity and improving results in the retail sector. According to Teamcore’s figures, retail businesses that invest in technology have experienced a return on investment (ROI) of more than 10 times, underscoring the importance of technology in today’s business success.
Andrei Tchira, CEO and co-founder of Grupo BIT commented, “We are thrilled to join Teamcore and take part in the creation of a revolutionary platform that will transform the way consumer goods companies operate in Latin America across many distribution channels in numerous countries. We can offer our combined client base an even wider range of solutions for retail channels, helping them to increase sales and maximize margins. This will be an exciting time for our customers, partners and employees.”
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About Grupo BIT
Grupo BIT, founded in 2003 in Colombia and operating in 18 countries, excels in managing distribution channels for large companies using cutting-edge technology. Its main focus is converting data into valuable insights that help optimize strategic decisions and improve the profitability of its clients. With a firm commitment to innovation, Grupo BIT leads in the development and adoption of new practices and knowledge in the distribution field.
About Teamcore
Teamcore, founded in 2015 in Santiago, Chile, offers consumer goods companies an advanced platform for data extraction, visibility, and actionability at the point of sale. Using algorithms and machine learning techniques, the platform creates effective action plans to optimize resources and reduce lost sales, resulting in a 3.1% increase in annual sell-out for its clients. Teamcore is the embodiment of how integrating technology and data into business strategies can drive growth and efficiency. Its focus on an interconnected ecosystem of data, teams, and workflows helps consumer products companies achieve the perfect store.
