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Boxed Inc's Google Cloud Partnership Drives 36% Share Jump

Greg Morcroft

Published: January 11, 2023 3:07 am

Last Updated: January 11, 2023 12:10 pm

Online grocer Boxed’s (US:BOXD) shares rose 46% on Tuesday to 56 cents a share after word it expanded its partnership with Google Cloud making its software-as-a-service (SaaS) platform, Spresso, available on the former’s Marketplace. The move gives customers easy access to Spresso’s price optimization module and other advanced analytics, machine learning, and AI tools.

Spresso is a modular solution platform designed to help businesses scale effectively through efficient growth and cost reduction. It uses machine learning, advanced analytics and AI, enabling merchants to leverage data and boost profits. With this move, businesses can purchase and implement the platform and gain insights for cost reduction and efficient growth.

This launch is part of a long-standing relationship between Boxed and Google Cloud and builds on recent software launches for AEON Malaysia and expansion to AEON Vietnam. Notably, last week, Boxed announced that the company was considering a sale while looking at ways to raise capital. Boxed went public in late 2021 through a merger with a special-purpose acquisition company.

Boxed Inc. is a technology-driven e-commerce company that offers bulk retail goods through its e-commerce platform. The company was founded in 2013, and it’s headquartered in New York; it began as a wholesale club for households, offering a wide variety of products, such as pantry staples, cleaning supplies, and baby items, that customers could purchase in bulk without the need for a membership. Boxed’s primary focus has been on providing customers with a more convenient and personalized shopping experience through technology integration.

The company introduced, in 2016, its software-as-a-service (SaaS) platform, called Spresso, designed to leverage advanced analytics, machine learning, and AI to help businesses optimize pricing, drive better business outcomes and scale effectively.

In 2020, Boxed’s revenues grew significantly as the COVID-19 pandemic increased demand for online grocery delivery. The company partnered with Google Cloud to enhance its platform capabilities and improve services.

This article originally appeared on Fintel