Only have 1 minute? Here are 3 key takeaways:
- Luigi’s Box, a fast-growing Slovak company specializing in advanced product search and recommendation solutions, has acquired its Czech competitor Persoo in a multi-million deal.
- Luigi’s Box deploys AI and machine learning to enhance search optimization for e-retailers.
- The deal also marks the first full exit for the Czech VC fund Presto Ventures
Fast-growing Slovak company Luigi’s Box has revealed its acquisition of Czech competitor Persoo in a multi-million deal, reinforcing their strong position on the market in search optimization within the Czech and Slovak markets. The collaborative spirit in this region is thriving, reinforcing the potential of the ecosystem for the past few years.
Luigi’s Box specializes in providing e-retailers with advanced product search and recommendation solutions, which helps companies understand how to use customer purchasing behavior data to increase sales. AI and machine learning play a crucial role in search optimization for online retailers. When set up correctly, only 1 to 5 percent of searches end up with no results, according to Luigi’s Box’s experience.
In 2014, Persoo was founded by a mathematician and AI expert Jakub Černý to bring e-retail customers a shopping experience comparable to that of a traditional retail store.
Investors, including Presto Ventures and Lighthouse Ventures, have supported Persoo since 2019. Roman Nováček of Presto Ventures expresses satisfaction with Persoo’s growth and foresees continued momentum across Europe with Luigi’s Box.
The specific financial details of the acquisition remain undisclosed, though it is acknowledged to be a multi-million-euro transaction. This deal represents the first complete exit for Czech VC fund Presto Ventures and marks another successful exit for Lighthouse Ventures. Gejza Nagy, Luigi’s Box co-founder and CEO, highlights the strategic timing of the acquisition, emphasizing shared company culture, products, and a united vision for e-commerce’s future.
“Persoo and Luigi’s Box have been following and inspiring each other for several years. Over the years, the idea of joining forces came up several times, and the merger was completed at the end of last year. The product synergies will be a great benefit for our joint client base,” says Pavel Pinkas, co-founder and CEO of Persoo.
After the acquisition, Persoo will be fully incorporated into Luigi’s Box. Both sets of customers are aimed to benefit from the synergy.
