RetailNext buys Eric Schmidt-backed Nearbuy Systems

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RetailNext, led by CEO Alexei Agrechev, has acquired in-store Wi-Fi and shopper tracking startup Nearbuy Systems.

Cromwell Schubarth

Senior Technology Reporter- Silicon Valley Business Journal

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RetailNext, the San Jose startup that provides in-store analytics, has acquired in-store Wi-Fi startup Nearbuy Systems.
Terms of the deal weren't disclosed, but TechCrunch reports that it is an an all-stock, 100 percent equity deal valued Nearbuy in the "high teens millions."
RetailNext is led by CEO Alexei Agrechev, who was one of the Business Journal's 40 Under 40 honorees in 2012.
The company raised $15 million and moved its headquarters into downtown San Jose earlier this year. It has raised a total of $29 million and its backers include StarVest Partners, Nokia Growth Partners and Commerce Ventures.
Nearbuy Systems is based in San Mateo and employs 13 people who are all joining RetailNext in the deal. It raised about $2.5 million since it was founded in 2010, including money from Eric Schmidt's Innovation Endeavors, Motorola Solutions Venture Capital and Metamorphic Ventures.
It allows retailers to provide free Wi-Fi to shoppers in exchange for the ability to track where they go in a store.
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Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.

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Retailing & Restaurants, Technology