TOKYO: Panasonic will buy American AI supply chain software firm Blue Yonder for $7.1 billion, the Japanese company said Friday.
The deal will make Blue Yonder a wholly owned subsidiary of the Japanese electronics giant, which has held 20 percent of the US firm’s shares since July last year.
Following regulatory approval, the deal will be one of the biggest acquisitions in Panasonic’s history.
Blue Yonder has more than 3,000 clients worldwide, including multinationals Walmart and Coca Cola as well as airlines and couriers such as FedEx.
"The need for more intelligent, autonomous and edge-aware supply chains has been dramatically heightened by the Covid-19 pandemic," Panasonic said in a statement, citing "drastic shifts in supply demand" due to virus lockdowns.
The firm said the merger would allow it to gain expertise in "state-of-the-art" artificial intelligence technology, and would work to reduce waste in supply chains.
It also praised the "flexible, agile corporate culture" of Arizona-headquartered Blue Yonder, which was established in 2005.
Meta app's new feature makes chat management easier for users
Pavel Durov's app is likely to have billion users
American messaging app introduces measure to detect AI
Upcoming Total Solar Eclipse is taking place soon
Microsoft users will now be able to edit Photos with Designer app
Music streaming service is developing a remix feature
