First Derivatives to enter retail analytics market

(ShareCast News) - Financial technology provider First Derivatives is to enter the retail analytics market, using its Kx technology to develop solutions under a team of retail technology specialists recently recruited by the AIM-listed company.According to MarketsandMarkets, a market research firm, the retail analytics market is expected to grow at 19% per year and will be valued over $5bn in 2020.The company is to develop solutions that analyse large volumes of data in real time to allow instant decision making, as well as allow businesses to have an organisation-wide view of performance.The company said it has demonstrated its Kx platform to a number of retailers across various markets, which has identified a ways to deliver return on investment for prospective retail customers.Recently the company recruited a team of retail technology specialists headed by Damon Bryan, Peter Denby and Thomas Hill, who have previously held senior leadership positions at Asda and Sky.Bryan said: "Kx's ability to deal with huge volumes of data takes the art of what is possible to the next level. Combining Kx with our proven retail analytics solutions and expertise will provide incremental value in areas such as merchandising, marketing and operational optimisation to deliver huge and immediate value to retailers."Chief executive Brian Conlon added: "We are confident that the market-leading performance of our technology has the capability to disrupt a number of markets, of which retail is one that we consider to be sufficiently attractive to develop our own solutions."Shares in First Derivatives were up 3.74% to 2,079p at 1106 GMT.