Benzinga | Oct 4, 2021 02:20PM EDT

Gap Acquires AI Start-Up CB4 For Undisclosed Sum

* Gap Inc (NYSE:GPS) has acquired the New York and Tel Aviv-based Artificial Intelligence (AI) start-up, Context-Based 4 Casting Ltd (CB4), for an undisclosed sum. Irad Ben-Gal and Gonen Singer founded CB4.

* CB4 uses AI and machine learning tools to transform retail operations, increase sales and improve the customer experience through predictive analytics and demand sensing.

* CB4's team will join Gap as full-time employees as part of the acquisition.

* Gap held $2.7 billion in cash, cash equivalents, and short-term investments as of July 31, 2021.

* Also Read: Gap Inc Acquires Ecommerce Startup Drapr For Undisclosed Sum

* Price Action: GPS shares are trading higher by 1.08% at $23.83 on the last check Monday.