Family Insights Group Limited (ASX: FAM) has signed a non-binding Memorandum of Understanding (MoU) with leading data intelligence company Invigor Group (ASX: IVO) to explore co-developed analytics and data solutions for B2B customers.
Invigor is a leading data intelligence, insights and analytics business with customers in multiple industries including liquor, whitegoods and electronics.
Increasingly it’s client base requires diversified product analytics including grocery products and categories.
Family Insights Group MD and CEO, Sean Smith, said that under the terms of the MoU, his company and Invigor have agreed to explore opportunities to create mutual data and analytics solutions of each party. They will also explore revenue sharing opportunities for both shared data and analytics opportunities co-developed by each party.
Mr Smith said the scope of the MoU will extend to exploring mutual data licensing agreements to meet Invigor’s existing customer requirements as well as agreeing to develop new customer proposals utilising the combined expertise across both parties.
“Invigor is known within the retail industry as a top of class data intelligence provider,” Mr Smith said.
We are very excited to be exploring ways to leverage our growing data asset and in-house analytics expertise to add value to their existing business, as well as working with them to accelerate new business growth within retail.”
Family Insights has developed Frugl, a data insights business utilising a price comparison platform that allows families to compare the cost of goods between different supermarket retailers in their local areas, whilst simultaneously analysing shopper behaviours in real time against the changing landscape of product merchandising and pricing changes across over 60,000 different products from major supermarket chains.