- Sotheby's (BID +1.7%) announces the acquisition of Thread Genius, a startup specializes that in taste-based image recognition and recommendation technologies.
- As part of the deal, Thread Genius' engineer founders, Andrew Shum and Ahmad Qamar, are both joining Sotheby's this week.
- The company says the acquisition of Thread Genius is a continuation of its focus on data and technology to drive innovation and improve both internal processes and client service and experience.
- Sotheby's CEO Tad Smith explains: "Historically, transactions would come together by matching an object with an individual's preference at a certain price point, and Sotheby's retains data in those three areas. By using advanced technology, we can deliver better insights and match those three elements faster, providing our staff with better tools, our clients with a better experience, and our consignors with even better results."
- Source: Press Release
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