Givaudan has announced that it will acquire Myrissi as part of its long term strategy to expand its capabilities in Artificial Intelligence (AI).
Update: Givaudan announced in a press release on April 14, 2021, that the acquisition of Myrissi has been completed, as part of its long term strategy to expand its capabilities in artificial intelligence.
Related: Givaudan Full 2020 Financial Results
Myrissi has developed a patented AI technology capable of translating fragrances into color patterns and images, relevant to the consumer as well as predicting the end consumer’s emotional response.
The terms of the deal will not be disclosed and Givaudan intends to fund the transaction from existing resources.
The planned acquisition remains subject to formal approvals from the relevant regulatory authorities and the transaction is expected to close in the first quarter of 2021.
Maurizio Volpi, president Givaudan Fragrance and Beauty said, “The acquisition of Myrissi is aligned with our long term Fragrance and Beauty strategy; their expertise in AI will support us in proposing to our customers new visual and verbal storytelling approaches to consumers. This is particularly important in a time when e-commerce is booming. Our mission will be to support our customers to evoke the smell of their products in the most inspiring way, helping consumers to choose the product that best fits their preferences.”
Muriel Jacquot, founder of Myrissi said, “We are very proud to join Givaudan and to bring in the platform that we have developed with success for ten years. We strongly believe that this is a great opportunity to expand our digital expertise in telling compelling fragrance stories that resonate emotionally with consumers.”