Markets

Kroger paying $247M to license Ocado online home-delivery technology

Kroger paying $247M to license Ocado online home-delivery technology

Laith Khalaf, senior analyst at Hargreaves Lansdown, said that as one of the most shorted stocks in the United Kingdom - where investors bet that a firm's share price will fall - Ocado's deal with Kroger was a "poke in the eye" for the hedge funds who have bet against it. Over the first three years of the agreement they are to identify a further 20 sites.

The move arrives as Kroger has made a commitment to spend some savings that were generated by the corporate tax reform, on different digital initiatives.

Kroger says that it is already looking for three locations to build automated delivery warehouses in 2018.

Luke Jensen, CEO of Ocado Solutions, told the media on Thursday that getting into the US market would prove a tremendous opportunity as Americans warmed to the idea of online deliveries.

Britain was one of the first countries to see widespread adoption of online grocery shopping, giving its retailers a head start in developing technology to deal with the challenges of delivering food, especially fresh and frozen goods. "The opportunity to partner with Kroger to transform the way in which US customers buy groceries represents a huge opportunity to redefine the grocery experience of Kroger's customers".

Sanders praises Trump for describing people as 'animals' in immigration discussion
Looking at Jeff Sessions , his attorney general, who sat at the other end of the large wooden conference table, Mr. Trump said: "Perhaps the Department of Justice can look into that".

The partnership not only brings Ocado's technology to the USA but also provides a broad e-commerce solution that is exclusive to Kroger here, according to Mike Schlotman, executive vice president and chief financial officer at Kroger.

Walmart Inc.'s mixed first quarter results had traders batting around stock between plus and minus and pre-market but, after opening higher, less impressed investors are winning out and sending shares down as much as 2.6 percent. It also said it planned to offer curbside pickup from roughly 1,600 stores this year. It will take a 5% stake in Ocado as part of the deal.

Founded in 2000 by three former Goldman Sach's bankers, Ocado has licensed its platform to grocers operating in markets including ICA in Sweden, Sobeys in Canada and Casino in France.

It has even said it will pay compensation if it fails to hit the capacity targets the two retailers have agreed. The deal helped lift both sets of shares, with Ocado benefitting the most. Following the announcement the share price increased to 995 pence, before ending the day at 797 pence.


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