Profitero, a Dublin-based IT company, is to form a strategic alliance with global information company Nielsen Holdings. The agreement between the two will create an online price intelligence service for retailers around the world.

Founded in 2010, Profitero assists retailers by analysing the online pricing data of their competitors and currently monitors 40 million products across 3,500 websites daily. Its customers include large global retailers and manufacturers such as Tesco and Ocado.

The IT company won global recognition in 2012 after winning the IBM Global Entrepreneur of the Year competition in San Francisco.

The alliance with Nielsen will see its service incorporated with Nielsen’s own price audit system, which is provided to retailers in over 20 countries. Listed on the New York Stock Exchange, Nielsen is already an established player in marketing and consumer information.

The overall product will provide timely pricing intelligence and will allow retailers to benchmark prices against their competitors and implement pricing strategies accordingly.

Volodymyr Pigrukh, co-founder and chief executive of Profitero, said: “We are delighted to team with Nielsen to provide its hundreds of retail clients with online competitor pricing intelligence data.”

He said the deal highlighted the growing importance of pricing information for retailers operating in a dynamic, online marketplace. “With the majority of retailers now selling on the internet, such online pricing data is essential for multi-channel retailers to grow sales and increase market share.”

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