BUSINESS: ICYMI Walmart to Acquire AR Optical Tech Company Memomi for Virtual Try-On and Contact-Free Digital Measurements By Staff Wednesday, June 29, 2022 8:03 AM BENTONVILLE, Ark.—Walmart and Memomi, an AR optical tech company, today announced they have entered into an agreement for Walmart to acquire Memomi. This reinforces Walmart’s commitment to frictionless and omnichannel optical care, the company said. Since 2019, Memomi has enabled digital measurements for all Walmart and Sam’s Optical customers, across more than 2,800 Walmart Vision Centers and 550 Sam’s Clubs, and also powers the optical e-commerce experience on SamsClub.com. The announcement said, "Acquiring Memomi, an AR company, is the next step in Walmart’s journey of offering personalized, affordable access to optical care. “This acquisition furthers Walmart Health & Wellness’ strategy to deliver integrated, omnichannel health care, leveraging data and technology to improve engagement, health equity and outcomes," the announcement said.“Customers are looking for access to care digitally, in their homes, and purchasing eyeglasses is no different,” said David Reitnauer, vice president, specialty services, Walmart Health & Wellness. “This acquisition supports our Health & Wellness mission to provide accessible care to the communities we serve.”Memomi is a leading provider of technology to enhance virtual optical try-on experiences, helping customers virtually “try on” eyewear in real-time for a seamless, easy and fun omnichannel experience.“Walmart’s ability to roll out our virtual try-on and contact-free digital measurements service in a short period of time shows how committed Walmart is to its customers’ need for digital care in-stores and at home,” said Ofer Saban, chief technology officer, Memomi.Details of the transaction were not disclosed. The acquisition is expected to close in the coming weeks and Memomi employees will join the Walmart Global Tech organization.“We’re excited to welcome the Memomi team to Walmart and add their capabilities to our leading virtual reality technology that is transforming the retail experience for our customers and members,” said Cheryl Ainoa, senior vice president, new businesses and emerging tech, Walmart Global Tech.“We are looking forward to joining Walmart and offering our innovations and user experiences to such a large scale both in-store and online,” said Salvador Nissi Vilcovsky, CEO, Memomi. Walmart Inc. (NYSE: WMT) helps people around the world save money and live better in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and e-commerce websites.Memomi Labs Inc is a leading provider of cutting-edge technology to enhance virtual try-on user experiences through artificial intelligence, deep learning and augmented reality. In addition to the try-on experience, Memomi technology has created an accurate, easy measurement experience in-store once glasses are selected, leading to time savings for the customer and cost savings for the store. Memomi was founded in 2014 by Salvador Nissi Vilcovsky and Ofer Saban, experts in conceptualized solutions and interactive design.