FORM and Trax Retail’s Image Recognition Merge to Create An Industry Leader in Retail Execution, Insight and Performance Across Consumer Goods and Retail Brands

Gemspring Capital has acquired both companies, enabling a strategic merger that will deliver improved customer experience, wider geographic reach and greater investment in innovation

QUINCY, Mass., Feb. 4, 2026 /PRNewswire/ — FORM, the makers of the award-winning market execution software GoSpotCheck and FORM OpX, and Trax, the industry-recognized global pioneer of Image Recognition, delivering AI-powered shelf-level insights that help brands and retailers improve execution, availability, and growth in the physical store, have merged. Together, these two leaders in field operations and market intelligence form a single powerhouse for modern retail execution—combining technology, industry expertise, global reach, and proven customer value to deliver new levels of impact, speed, and insight to CPG and retail brands worldwide.

The merger creates a global solution provider uniquely positioned to help brands and retailers deliver excellence in every location, every day. The agreement brings the image recognition solution from Trax into the FORM product portfolio alongside GoSpotCheck and FORM OpX.

“Together, we can deliver more speed, innovation, and impact so customers gain timely, accurate and actionable insights at a global scale,” said FORM CEO Ali Moosani. “We’re combining world-class teams and industry-leading technology that will allow our customers to set a new standard for retail execution and shopper experience. Our shared vision is clear, and our customers will see the results.”

Benefits customers will gain include:

• Broad geographic reach:
  • With operations spanning North America, Europe, Asia-Pacific, and Latin America, FORM now offers broader on-the-ground coverage and deeper regional expertise. Customers will benefit from localized support, global consistency, and a partner capable of scaling solutions to meet diverse market demands.
• End-to-end retail execution technology:
  • Customers can gain access to a full suite of retail execution technology and an extensive library of image recognition models to drive their businesses. FORM brings a powerful combination of capabilities—mobile task management, intelligent workflows, image recognition AI, photo reporting, and advanced analytics—that drive results in the field and give leaders the data they need to take decisive action.
• Accelerated innovation:
  • As the retail and consumer goods industries continue to transform, FORM will have the scale, data, and talent to anticipate and respond to emerging market challenges with innovative and effective technology.
• Unmatched expertise and institutional knowledge:
  • The integration of deep experience and leadership from the FORM and Trax teams brings together decades of collective knowledge and customer relationships. This combined expertise will drive more insightful collaboration, smarter problem-solving, and greater long-term value for every customer.

Each organization brings a customer base of the largest and most innovative companies in CPG and retail – including Unilever, Southern Glazers Wine & Spirits, Sanofi, AB InBev, Suntory Global Spirits, and many more. These customers, and many more that will benefit from this merger, can expect continued reliability, accuracy and innovation during and after the companies’ transition.

“Dashboards don’t sell products – decisions and follow‑through do,” said David Gottlieb, Chief Revenue Officer. “By uniting real‑time shelf vision with mobile task execution and global coverage, we are giving retail and CPG teams a single command center to spot issues, act immediately, and measure results at scale. For the customers we serve, speed and clarity win first – and this combination turns shelf intelligence into real growth.”

Founded in 2001, FORM began its journey as a pioneer in digital data capture and task automation, empowering frontline operations teams to move quickly in the field. Over time, FORM expanded its offerings with a focus on retail execution and shelf intelligence through the acquisitions of GoSpotCheck, Shelfwise, and BossaNova.

Founded in 2010, Trax pioneered retail computer vision by bringing image recognition and AI-driven analytics into the physical store. Trax equips customers with granular, SKU-level visibility into changing store conditions, enabling timely, data-driven decisions that improve planning and execution, accelerate growth, and reduce costs. Today, Trax is a global leader in retail image recognition, delivering shelf-level insights to brands across more than 80 countries.

The merger is backed by Gemspring Capital, a middle market private equity firm with deep expertise in specialty software and data-enabled services. Gemspring will help facilitate accelerated product innovation and global expansion. Lincoln International served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Gemspring on the transaction. Moelis & Company LLC served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to FORM during this process. Deutsche Bank was Trax’s exclusive financial advisor and Holland & Hart provided legal counsel.

The new organization will feature a leadership team that combines executives from both FORM and Trax. More details about the combined company can be found at www.form.com.

About FORM
FORM powers the world’s 2 billion mobile workers as they change companies and industries for good, with mobile technology that improves execution from the frontline. FORM activates and connects teams in the field – with leaders, missions, and each other – so they can deliver success in the enterprise. AI-powered image recognition and task management saves field teams time and provides leaders with real-time shelf intelligence to drive faster actions and better decisions. FORM solutions have been deployed by Fortune 500 companies around the world.

About Trax
Powered by impactful technology and proprietary data, Trax connects brands, retailers, and shoppers, setting the standard for retail excellence. Trax’s AI-powered platform uniquely combines solutions that provide unparalleled data-driven signals to leading global CPGs and retailers to deliver real-time data, retail execution, and consumer engagement to increase ROI.

Thirty of the world’s top 50 CPG companies, along with leading retailers and emerging brands, have used Trax’s shelf monitoring, analytics, merchandising, activation, and shopper engagement solutions at scale to drive positive shopper experiences and unlock revenue opportunities at all points of sale.

Trax is a global company with hubs in the United States, Singapore, France, Hungary, Mexico, Brazil, and Israel, serving customers in more than 80 countries worldwide. To learn more, visit www.traxretail.com.

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SOURCE FORM