MINNEAPOLIS | ST.PAUL BUSINESS JOURNAL OCTOBER 23, 2009 – Perhaps it shouldn’t be surprising that Quantum Retail Technology Inc. has grown quickly since it launched in 2005. After all, the founders of the Minneapolis-based inventory management software firm cut their teeth working for a similar company.
That company was Retek Inc., which in 2005 was acquired by Redwood Shores, Calif.-based Oracle Corp. to become the software giant’s retail division. After Retek was bought, some company officials began discussing what they planned to do next. They came to realize that large retailers were still underserved when it came to inventory management software.
“We came out of the retail software industry having worked with somewhere in the neighborhood of 150 of the top 200 retailers in the world between all the founders of [Retek],” said Vicki Raport, co-founder and CEO of Quantum Retail.
“When we decided we wanted to see if there was an opportunity in the market for us to do something different, we laid out the problems retailers are facing and what we can do to help them.”
The founders of Quantum Retail recognized that retailers struggle to maintain customer loyalty, diversify store formats and maintain the right mix of products. To maximize profitability, retailers need better tools to help them manage inventory, Raport said.
