Gemspring Capital Combines FORM and Trax Retail’s Image Recognition to Create Global Retail Execution Platform

WESTPORT, Conn., Feb. 5, 2026 /PRNewswire/ — Gemspring Capital Management, LP (“Gemspring”) is pleased to announce that an affiliate has acquired and combined FORM, an AI-powered frontline execution platform, with the image recognition business of Trax (“Trax IR”), creating a retail execution and data intelligence software platform serving brands, distributors, and retailers across the global consumer packaged goods (“CPG”) ecosystem.

FORM and Trax IR offer highly complementary solutions that enable CPG brands, distributors, and retailers to optimize in-store execution, automate frontline workflows, and capture AI-driven insights. The combined platform serves more than 750 customers globally, helping brands and retailers improve compliance, reduce out-of-stocks, and drive measurable revenue growth and operational efficiency; the platform’s capabilities also extend to adjacent frontline-intensive industries.

The transaction will enable increased investment in product innovation, advanced analytics, and artificial intelligence, delivering faster, more accurate insights with clear return on investment for customers. The combined company will be led by Ali Moosani, Chief Executive Officer of FORM.

“Brands and retailers are increasingly seeking connected, intelligent tools to manage in-store execution at scale,” said Ali Moosani, CEO of FORM. “Bringing together FORM and Trax IR creates a more powerful, integrated platform that improves visibility, strengthens compliance, and delivers meaningful ROI for our customers.”

“Trax has built a trusted, global image recognition platform used by many of the world’s leading consumer brands,” said David Gottlieb, Chief Revenue Officer of Trax Retail. “Combining Trax’s industry-leading computer vision technology with FORM’s task management and workflow capabilities creates an end-to-end solution that helps customers turn in-store data into faster action and better outcomes.”

“Opportunities to unite two category-leading, highly complementary businesses like FORM and Trax IR are rare,” said Aron Grossman, Managing Director at Gemspring. “The combined scale, technology, and talent create a compelling platform for continued innovation and strategic growth driven by AI-driven automation and analytics. We are excited to partner with Ali and the management team as they lead the company into its next phase of expansion.”

Lincoln International served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Gemspring on the transaction.

About FORM
FORM empowers the world’s frontline workforce across retail, consumer packaged goods, and other frontline-intensive industries with mobile technology that improves in-field execution and operational performance. 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. For more information, visit www.form.com.

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.

About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $5.1 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $2.0 billion in revenue and are in the business services, consumer services, financial and insurance services, healthcare, industrial, software, and tech-enabled services sectors. For more information, visit www.gemspring.com.

Contact: Aron Grossman, aron@gemspring.com

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SOURCE Gemspring Capital