Gap Acquires AI Start-Up CB4 For Undisclosed Sum

Gap Inc GPS has acquired the New York and Tel Aviv-based Artificial Intelligence (AI) start-up, Context-Based 4 Casting Ltd (CB4), for an undisclosed sum. Irad Ben-Gal and Gonen Singer founded CB4.
CB4 uses AI and machine learning tools to transform retail operations, increase sales and improve the customer experience through predictive analytics and demand sensing.
CB4's team will join Gap as full-time employees as part of the acquisition.
Gap held $2.7 billion in cash, cash equivalents, and short-term investments as of July 31, 2021.
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Price Action: GPS shares are trading higher by 1.08% at $23.83 on the last check Monday.