ODDITY Expands AI Strength with Fionic Acquisition
Deal News | Jan 21, 2025 | Globenewswire
ODDITY Tech Ltd., a NASDAQ-listed consumer technology company, has announced the acquisition of tech intellectual property from Fionic, a fintech company specializing in AI modeling for financial services and consumer markets. Fionic's elite AI research team, led by ex-CTO Asaf Nurick, will join ODDITY to enhance the company's AI capabilities, focusing on developing advanced algorithms to improve prediction and user engagement. The acquisition supports ODDITY's strategy to lead in AI-based direct-to-consumer offerings, enhancing their digital presence in beauty and wellness markets. This strategic move is expected to reinforce ODDITY’s existing AI models without materially impacting its financial position in 2025. Fionic's team, enriched with military and academic expertise, will contribute to expanding ODDITY's AI frontier. However, the acquisition excludes certain Fionic consumer data and grants a limited license to Fionic for software use in Canada. ODDITY is leveraging the talents of AI specialists to push technological limits in consumer experience and product development.
Sectors
- Artificial Intelligence
- Consumer Technology
- Financial Services
Geography
- United States – ODDITY is headquartered in New York City, and a primary locus for operations.
- Israel – The Fionic team, now part of ODDITY, is based in Israel, where ODDITY also maintains an R&D center.
- Canada – A limited license was granted to Fionic, affecting its operations within Canada.
Industry
- Artificial Intelligence – The acquisition focuses on enhancing AI capabilities, highlighting the industry's role in advancing data-driven applications.
- Consumer Technology – ODDITY applies AI to digital-first brands disrupting the beauty and wellness sectors, indicating its place within consumer tech.
- Financial Services – Fionic, the acquired entity, specializes in fintech, modeling capabilities directly relevant to financial end markets.
Financials
- Not specified – The financial impact of the acquisition on ODDITY's 2025 earnings is expected to be immaterial.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ODDITY Tech Ltd. | Acquiring Company | Company | A consumer tech company focused on AI-driven beauty and wellness products. |
| Fionic | Target Company | Company | A fintech company specializing in AI modeling in financial and consumer markets. |
| Asaf Nurick | Former CTO of Fionic | Person | Joined ODDITY to contribute to AI advancements using his team's modeling expertise. |
| Oran Holtzman | ODDITY Co-founder and CEO | Person | CEO of ODDITY, leading the strategic direction of the company's AI integration. |