Profitect Kicks off 2017 with Continued Momentum Heading into NRF Presentation
Over 200% growth in customer portfolio and revenue, alongside 75% increase in staff contributed to a successful 2016
Waltham, MA – January 13, 2017: Profitect Inc., the leading prescriptive analytics provider for the retail industry, today announced growth statistics for 2016, revealing a revenue increase of over 250 percent compared to 2015. This, alongside a reported twofold increase in customer portfolio, mirrors the retail industry’s desire to make better use of their data with actionable analytics solutions. In addition to its already impressive list of clients, Profitect partnered with Ascena Retail Group’s Lane Bryant and Catherines divisions as well as ASDA to give store managers a holistic view of shopper behavior, loss prevention and Internet of Things data management. Profitect’s modules work in tandem to maximize value, offering analytics to operations such as inventory or sales. Customers leveraging additional modules and expanding to new organizations in the business served as a significant driver for 2016’s revenue increase.
Profitect CEO Guy Yehiav will be discussing these data analytics capabilities and the potential for retailers to leverage the Internet of Things at NRF 2017. Alongside Seth Hughes, Senior Manager of Asset Protection Solutions at Walgreens and Andrea Weiss, founder of the O Alliance, Yehiav will cover retail’s relationship with IoT and how prescriptive analytics utilizes machine learning to maximize the value of the Internet of Things.
“If you look at the successes we’ve seen in 2016, it is the combination of two major influences,” said Guy Yehiav, CEO and Chairman of Profitect. “The first, of course, is the hard work our internal team does on a daily basis to make sure our customers are using a simple, easy to deploy solution which makes their lives easier, generating strong monetary value. The second is reflective of a wider industry trend, as businesses – not only retailers but organizations across a variety of verticals – are turning to prescriptive analytics and machine learning capabilities to become as efficient and effective as possible. There is a unique potential in prescriptive intelligence to create an almost self sustaining system of identifying profit increasing opportunities and flagging them appropriately in real time. It’s a trend that is only primed to grow as we look toward the future.”
To help support this uptick in revenue and customer base, Profitect has brought on additional talent, growing the internal team by 75 percent since 2016 began. The Profitect team now includes David Schwab, founder of Vertical Venture Partners and Brian Burns, co-founder of Grayhawk Capital, both of whom now sit on the Board of Directors. The addition of these new Board members follows an expansion of Profitect’s international team, as Yonatan Olsha was brought on as Managing Director of EMEA in October 2016 . The most recent hire of Art Dirik as Chief Customer Officer strengthens Profitect’s industry leading customer operations and will be a core focus of the organization in the coming year. The company’s continued commitment to bringing on top tier talent continues through 2017, as it looks to expand its Waltham, Massachusetts based office.
To learn more about the company and career opportunities, please visit the website: https://www.profitect.com/us/careers/
Since 2012, Profitect has helped companies leverage existing big data investments to identify, resolve, and measure opportunities to transform the business by delivering actionable prescriptive analytics to the right person, at the right time.