Boston, MA, USA – December 9, 2021 – Digital Alpha, an investment firm focused on digital infrastructure and services required by the digital economy has completed a majority investment in DTiQ, the leading provider of next-generation video intelligence, analytics, and managed solutions for operators within the Restaurant, Convenience Store and Specialty Retail industries. DTiQ has rapidly grown to be the leader in its space, with over 45,000 locations supported on its platform and recent rapid innovations such as COVID SmartAudits™, Speed of Service AI, and its AI fraud analytics. Digital Alpha has over $1.5B under management and the investment in DTiQ is being joined by a syndicate of debt investors as well as enhanced by Digital Alpha’s strategic collaboration agreement with Cisco Meraki. Throughout its history, DTiQ has been focused on creating positive ROI outcomes for its customers, and many of DTiQ’s customers have relied on its solutions for a decade or longer. DTiQ combines video technologies, point of sale and video analytics, and video-based SmartAudit™ Services, in addition to in-store coaching and auditing solutions to help its customers achieve better results.
The investment by Digital Alpha will help DTiQ rapidly expand to offer additional capabilities to customers. Rick Shrotri, founder and Managing Partner of Digital Alpha said, “Digital Alpha is excited about the investment in DTiQ because it is not every day that you have the ability to shape an industry. The fundamental use cases of Internet of Things (IoT) based solutions and intelligence to help DTiQ customers are unparalleled. Digital Alpha brings key expertise and supportive capital and we are pleased to support DTiQ and its customers on this journey.”
“With DTiQ and the Cisco Meraki platform, our customers can easily create more AI-driven smart retail spaces that streamline operations such as food preparation, measure speed of service to improve customer satisfaction, and reduce risk with retail video intelligence,” said Joe Weiss, Worldwide Leader, IoT and Intelligence at Cisco Meraki. “The DTiQ cloud-based video analytics platform is a great complement to our smart camera, sensor, and wireless portfolio, and we’re excited to see the experiences customers can create with it.”
“The use cases for digitization for our customers are exploding, and our roots in next-generation video mean that there are some truly unique benefits we can provide,” said Mike Coffey, CEO of DTiQ. “The future is to continue driving these incredible outcomes for our customers –using AI, analytics, IoT, and machine learning to accelerate the real-time nature of our solution and broaden their value. This is a special day for our customers and our employees, as Digital Alpha and Cisco Meraki appreciated the immense value this presents to continue helping customers in this space. We chose Digital Alpha and Cisco because of what we can accomplish together.”
DTIQ’s existing management team will continue to lead the company through this exciting time, led by CEO Mike Coffey who was appointed in January 2018.
As of December 9, 2021, this transaction has received all regulatory approvals and closed. With this investment, Digital Alpha will become the majority investor in DTiQ and has appointed Rick Shrotri, Neil Sheridan, and Scott Puopolo to DTiQ’s Board of Directors, bringing decades of technology and telecommunications investment and operational experience to the company.