Grape Up Acquires Addepto to Expand Its Offer in Artificial Intelligence
By: Grape Up
Addepto is a Polish technology company that develops custom AI and Big Data solutions for companies operating in various fields - from the financial and aerospace industries to manufacturing and retail. By implementing ambitious projects for Fortune 500 clients, Addepto has built experience in some of the most innovative areas, such as Computer Vision, Machine Learning, Big Data, and Data Engineering.
The latest investment leads to the accelerated implementation of the Grape Up development strategy. By acquiring competencies and enriching the offer, the company empowers Large Enterprise customers to build flagship and innovative products. Grape Up is already successfully implementing AI & ML technology for its key clients. Now, the Krakow-based company enables business partners to effectively use data processing technologies, which results in cost optimization and increases their sales potential.
Grape Up will take over a majority stake in Addepto. The acquisition process is expected to be finalized in the third quarter of this year. The transaction's value was not yet disclosed; however, it is estimated to be at the level of several million Polish zlotys.
While Grape Up and Addepto continue to operate independently, the companies will work closely to provide services and products to their customers, using complementary knowledge and expertise.
- Addepto perfectly fits into our company's development strategy built around the most innovative technologies. As Grape Up, we have been regularly investing in AI and Data Science products and competencies for the last two years. The knowledge and projects implemented by the Addepto team enrich our experience in Big Data and Data Analytics - comments, the company's CEO, Konrad Siatka, about the last investment.
Addepto is growing rapidly - over 170% compared to the previous year. It has been taking full advantage of both the increasing demand for AI services and its startup culture that supports the accelerated scaling of business operations. In addition to the complementary competencies, it was Addepto's organizational culture that interested Grape Up.
- For several years now, Grape Up has been building its company around the agile culture. We use good practices from times when we worked with startups (speed, agility, and very high quality of delivery). When hiring an expert, we not only look at their experience but whether they can help us build a work environment that supports overall development and promotes innovation. Therefore, when researching for companies to invest in, we strongly assess the appropriate organizational culture and approach to project implementation. Addepto can count on our guidance in the transition towards a mature organization that still uses the best practices of smaller companies - explains the CEO of Grape Up.
- We are joining the Grape Up Group to use their expertise and address our priorities - business scaling and operational maturity. From the beginning of our activity, we have been growing quickly, but with Grape Up's support in cloud technologies, knowledge of the large enterprise market, and experience in building a mature organization, we can take further steps faster - says Artur Haponik, CEO of Addepto.
Grape Up recorded revenue of PLN 42 million last year in 2020, which is equal to an increase of nearly 50% compared to 2019. Excellent financial results allow Grape Up to invest in crucial areas of their business that ensure further dynamic growth in the coming years.
Founded in 2014, Grape Up helps global companies build IT systems that play a critical role in their business and increase their competitive advantage. Grape Up empowers large enterprises to create innovative products using modern technologies and innovative software development methodologies, supporting them in introducing better solutions and products to the market in a shorter time compared to traditional methods.
More about Grape Up: grapeup.com
Addepto is a tech company specializing in building advanced custom solutions based on artificial intelligence. The company's mission is to help global enterprises digitalize using Computer Vision, Predictive Analytics, Big Data, and Business Intelligence. Addepto works with technology startups, medium-sized enterprises, and Fortune 500 companies from various industries, including mining, industrial production, logistics, aviation and aerospace, finance, and eCommerce.
More about Addepto: addepto.com