Price Edge acquires Rightprice.ai, a Swedish artificial intelligence startup.

Price Edge, a Stockholm, Sweden-based company developing a software as a service solution for price setting and optimization, announced that it acquired Rightprice.ai, an artificial intelligence (AI) startup, also based in Stockholm.

Financial terms were not disclosed.

The rationale of the deal is the integration of Rightprice.ai platform AI functionality into PriceEdge’s price management tools, in order to provide a complete solution for the E-commerce companies, and helping them to react dynamically to changing market conditions, sales, online customer behavior, seasonality, weather, and constantly allows for visibility into each product's price elasticity.

Rightprice.ai, founded in 2017 and led by CEO Micael Ehn, developed a mathematical platform to process data generated via web-based scripts and price crawlers, performing sophisticated price optimization, by automatically analysing of web traffic, sales, and competitor feeds to make pricing simple.

Price Edge Solutions AB, founded in 2014 and led by CEO Rickard Glamsjö, has also developed a SAAS for pricing, specifically a cloud-based price management platform for enterprises, which gives them access to new pricing strategies and more flexibility. The company has operations in Europe, US, and Asia, with offices in Stockholm, Bucharest, Singapore and Palo Alto.