CitX Takes 15 Percent Stake in iReactor
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E-commerce solutions provider CitX Corp. acquired Internet technology from and made a 15 percent equity investment in software company iReactor Technology Group (iTG).
iTG specializes in data mining and intelligent relationship management marketing technologies for e-commerce. iTG is a subsidiary of privately held iReactor Inc., an IP holding company. Financial details of the transaction were not disclosed.
"A key element for the shared vision of the partnership is to develop a common pool of intelligent relationship marketing technologies to which both iTG and CitX and its subsidiaries will have access to use, sell and/or further develop," said Bernie Roemmele, chairman and CEO of CitX.
Utilizing intelligent agents to analyze available sales order data information culled from direct sales to consumers both on and off line, iReactor's collaborative filtering technology describes patterns of consumer preferences and the relationships between purchases and customer demographics.
Roemmele will become a member of the board of directors of iTG. "Our initial focus we will be to combine our proprietary technologies to develop and deploy Internet-based products that enable businesses to automatically predict and profile the personal habits of consumers as they use the Internet or traditional point-of-sale systems," he said.