A Carmel-based company that launched a year and a half ago is under new ownership. Shiftlab, which has developed a scalable scheduling platform for retail companies, has been acquired by Vancouver-based iQmetrix, a telecom retail management software provider. The two companies are no stranger to each other; they have been partners since Shiftlab’s launch and call the acquisition a natural progression.
In an interview with Inside INdiana Business, Shiftlab co-founder and Chief Product Officer Devin Shrake said the company needed a partner like iQmetrix from the very beginning.
“We knew that we needed data and we didn’t have all the data that we needed and we wanted to really create an AI platform, so we partnered with iQmetrix right out of the gate, actually before we even had a product,” said Shrake. “Not only are we aligned and we have a lot of mutual experience with the customers that we have, but they also help us a sales channel for us, a marketing channel.”
iQmetrix says the acquisition will allow the company to expand its platform and support revenue growth for both companies. Vice President of Corporate Development Jeff Vall says the deal will solve a “critical pain point” for multi-store retail operators looking for employee scheduling automation.
Shrake says the decision to combine with iQmetrix was an easy one to make.
“iQmetrix has some of the departments that a startup-style business does not have or outsources,” he said. “So, they’ll be able to help us and I think have more incentive to push us harder in the sales channels that they have. Most of our operations from product, customer support, all of those things are going to stay in-house. Our full team is transitioning over to the iQmetrix umbrella and then we’re hoping to grow locally after this acquisition as well.”
Shrake says Shiftlab’s platform was created after noticing previous scheduling solutions were built for restaurants or warehousing models and not retail businesses with a smaller number of employees. The primary sector the company has served since its launch has been wireless retail stores, but Shrake adds they are looking to expand to other verticals.
“The first goal for us and the most realistic one is to gain as much market share in our initial vertical, wireless retail, which both will help iQmetrix create a more compelling and stickier product for their customers, but also, it’s what our platform is really built on today,” he said. “We’ve [also] talked to call centers, for which this seems really applicable. We’ve talked to nursing homes and being able to make sure that certifications are mapped to the patients accordingly.”
Financial terms of the acquisition were not disclosed.
Shrake says the company needed a partner like iQmetrix from the very beginning.