IHS Markit invests in artificial intelligence fuel pricing provider
London (April, 20, 2020) – IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today announced its strategic growth investment in a2i systems, a retail fuel price management software provider specializing in applied artificial intelligence.
Denmark based a2i systems is a privately-owned software company helping gas stations adjust their retail prices through its PriceCast Fuel software. PriceCast Fuel applies artificial intelligence to a number of data inputs including time-of-day, weather, traffic flow as well as consumer behavior patterns. It detects similarities and patterns to calculate the optimal price for each gas station across a provider’s entire network to optimize their overall business.
As part of the transaction, IHS Markit’s Oil Price Information Service (OPIS), and a2i systems have agreed to a long-term strategic partnership under which OPIS and a2i clients may combine industry leading oil market pricing data with dynamic real-time price optimization across a diverse network of retail petrol stations.
Fred Rozell, president of OPIS, commented, “Given the economic backdrop, getting comprehensive market and consumer insights is becoming ever more important for the wide range of fuel retailers in North America. OPIS has invested in the most technically-sophisticated consumer gas behavior software, meeting the needs of the most forward-thinking fuel marketers today and seamlessly complementing our current slate of retail data feeds and pricing & analytic tools.”
“We are excited to reach a strategical agreement with OPIS”, said Jørgen Kragbøll, chief executive officer of a2i systems, “it allows us to fulfil our plans to expand our organization, service offerings and product development for our existing and new customers, and together with OPIS increase our global presence.”
Chairman Niels Bengtsson of a2i systems added, “OPIS provides significant core expertise, market and technology leadership. I am proud of the close partnership and believe that this change will make a2i systems stronger both internally and externally.”
The financial impact of the transaction will be non-material on IHS Markit earnings or earnings guidance. Terms were not disclosed.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
About OPIS (www.opisnet.com)
Oil Price Information Service (OPIS) by IHS Markit (NYSE: INFO) provides accurate pricing, real-time news, software and expert analysis across the global fuel supply chain, including the Spot, Wholesale Rack and Retail markets. A leading price reporting agency, OPIS enables customers to buy and sell oil and gas products with confidence via easy access to transparent data, expert-level customer support, educational events and energy software solutions including its. Axxis Software and OPIS RetailSuite.
About a2i systems (www.a2isytems.com)
a2i systems (short for applied artificial intelligence systems) is a full stack vertical AI company solely focusing on developing PriceCast Fuel – the world’s only AI-first industry-specific retail fuel pricing decision and optimization system. PriceCast Fuel applies AI to big data in a real-time, data-driven system which can run fully autonomously by forecasting consumer behaviors in dynamic markets elevating pricing from tactical to strategic.
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