Micro Markets

365 Retail Markets acquires smart store technology provider Stockwell

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August 14, 2020

365 Retail Markets, one of the nation's largest micro market providers, has acquired Stockwell of Oakland, California, a smart store technology provider that uses artificial intelligence, for an undisclosed sum, according to a press release.

365 Retail Markets plans to hire select team members and integrate the platform into its 365 point-of-sale systems.

"The future of retail is unattended, no doubt," Joe Hessling, CEO of 365 Retail Markets, said in the press release. "By adding the excellent Stockwell tech platform to the 365-product ecosystem we are moving closer to our goal of a low-cost, frictionless retail experience."

Stockwell has confirmed the sale and expressed that their leadership is happy to see their technology and their team members carry on what they started and see what 365 Retail Markets will be able to accomplish in this space.

The 1,000-plus Stockwell locations will continue to be serviced, according to the press release.

"Stockwell has leveraged computer vision and machine learning in a way that will have a dramatic impact on our industry," Krishna Vedula, COO and CTO of 365 Retail Markets, said in the release.

365 intends to spend the next few months upgrading the technology for existing customers and locations. The long-term plan is to use the patented technology as a base for several new products to be available to the market in 2021.