Gemspring has acquired FORM and the Image Recognition segment of Trax Retail

FORM

FORM empowers the world’s frontline workforce across retail, consumer packaged goods (CPG), and other frontline-intensive industries with mobile technology that improves in-field execution and operational performance. The company’s platform connects teams in the field with leaders, priorities, and each other, enabling consistent execution and measurable results across the enterprise. FORM’s field execution platform serves as a digital assistant for frontline teams by guiding daily tasks, simplifying data collection, enabling real-time communication, and delivering actionable intelligence to leaders to support faster, better-informed decisions. FORM offers the industry’s only fully integrated task management and image recognition platform, supporting smart audits across more display types than any competing solution, along with industry-leading field communications and photo reporting capabilities. FORM solutions are deployed by Fortune 500 companies around the world. For more information, visit www.form.com.

Trax Retail

Powered by advanced technology and proprietary data, Trax connects brands, retailers, and shoppers to drive excellence in retail execution. Trax’s AI-powered platform delivers actionable, data-driven insights that enable leading global CPG companies and retailers to improve in-store performance, enhance shopper engagement, and increase return on investment. Trax serves 29 of the world’s top 50 CPG companies, along with leading retailers and emerging brands, offering solutions for shelf monitoring, analytics, merchandising, activation, and shopper engagement. Deployed at scale across all points of sale, Trax’s platform helps customers create better shopper experiences and unlock revenue opportunities worldwide. Trax is a global company with hubs in the United States, Singapore, France, Hungary, China, Mexico, Brazil, and Israel, serving customers in more than 80 countries. For more information, visit www.traxretail.com.

The Deal

Lincoln International acted as exclusive financial advisor to Gemspring on the acquisition of FORM and Trax Image Recognition (Trax IR), leveraging the firm’s deep knowledge of the retail software buyer landscape to assess strategic combination and analyze future growth opportunities.

With the merger of FORM and Trax IR, the combined company will become a leading global retail execution and data intelligence software platform that will enable stakeholders across the global CPG and grocery ecosystem to manage in-store execution, automate workflows and capture AI-driven insights, with applications across adjacent frontline-intensive industries.

Together, the combined platform serves 750+ customers, helping CPG brands and retailers improve compliance, reduce out-of-stocks and drive actions that deliver measurable revenue growth and operational efficiency.

This transaction will enable increased investment in product development, analytics, and AI to deliver more timely, accurate and actionable insights with clear return on investment for customers. The combined company will be led by Ali Moosani, CEO of FORM.

Aron Grossman, Managing Director at Gemspring Capital, commented, “Opportunities to combine two highly complementary, category-leading businesses like FORM and Trax IR are rare. Lincoln’s thoughtful advice and industry expertise were crucial in helping us think through the combination and the combined business’ value-creation potential.”

Our Perspective

Christin Zindrick, Managing Director in Lincoln’s Technology Group, commented, “It was a privilege to work with Gemspring on this significant transaction in the retail execution space. This merger creates a scaled, best-in-class platform with significant runway for growth, and we are excited to support the combined business as it builds on its market-leading position.”

Gemspring Capital

Gemspring Capital, a Westport, Connecticut-based private equity firm with $5.1 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $2.0 billion in revenue and are in the business services, consumer services, financial and insurance services, healthcare, industrial, software, and tech-enabled services sectors. For more information, visit www.gemspring.com.

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