CINCINNATI, OH - Kroger has revisited its deal with Tesco on its consumer analytics company dunnhumbyUSA, walking away with a majority stake and a new name.
Kroger will be using its new purchase to create a new company named for the location of its headquarters: 84.51°, according to a press release.
"Kroger wanted and needs what we offer," Stuart Aitken, the newly-named CEO for Kroger’s new 84.51° company said in an interview with The Enquirer. "Now that we're aligned with Kroger, we will continue to offer them understanding of customers."
The company evaluates data for consumer desires in order to provide companies with a better understanding of how to reach their intended audiences. For a more in-depth understanding of what dunnhumbyUSA does, you can view the short video below.
This is reportedly Kroger’s third technology acquisition in less than two years, according to Gannet’s Cincinnati.com, having most recently spent $280 million on the Florida-based Vitacost.com. The financial details for this latest arrangement have yet to be disclosed by either company, however as we previously reported, bids for this particular acquistion were substantial.
84.51°’s parent and predecessor was a 2003 technological venture for consumer analytics by both Kroger and Tesco, according to the Cincinnati report, and is credited with Kroger’s success at reaching customers.
"Kroger and dunnhumby revolutionized retailing in the U.S. by focusing on the customer, and we intend to do it again with 84.51°,” Rodney McMullen, CEO of Kroger, said in a press release. “The ability to combine what we already know with other partners is exciting and will speed up innovation. We expect these innovations to grow our business and deliver a world-class customer experience."
The agreement is reportedly effective immediately, and is not expected by either company to result in the loss of any jobs for those employed at dunnhumbyUSA.
