Mar. 24 at 6:07 AM
MySize Inc. (NASDAQ:
$MYSZ) is seeking to extend the reach of its AI-powered sizing platform through a proposed acquisition of selected assets of EyeFitU AG, a Switzerland-based provider of digital sizing and fit technology with established relationships across European and international sportswear brands.
MySize is a B2i Digital Featured Company. View their comprehensive profile at https://b2idigital.com/my-size-inc-1.
MySize announced today that its subsidiary Naiz Fit has signed a non-binding Letter of Intent (LOI) to acquire selected assets of EyeFitU, whose customer base includes HEAD, Paul & Shark, POC Sweden, Giant, Assos, Ecoalf, Odlo, and CMP. EyeFitU generates approximately CHF 350,000 (approximately US
$440,000) in annual recurring revenue, which is expected to transfer to and be accretive to Naiz Fit upon closing.
The proposed acquisition adds technology and commercial relationships that reinforce several elements of MySize’s platform strategy:
• Geographic Expansion. EyeFitU’s brand relationships expand Naiz Fit’s presence in Northern Europe and additional international markets where EyeFitU has established a presence.
• Technology and Data Assets. The acquisition includes EyeFitU’s proprietary sizing algorithms, Shopify integration APIs, FootScanner application, anonymized sizing databases, and customer contracts, all of which are expected to be integrated into the Naiz Fit platform upon closing.
• Accretive Revenue. EyeFitU’s approximately
$440,000 in annual recurring revenue has the potential to grow as the customer base is integrated into MySize’s broader platform.
“EyeFitU has developed strong technology and valuable relationships with international brands,” said Ronen Luzon, Founder, Chairman and Chief Executive Officer of MySize. “Integrating these assets into our Naiz Fit platform strengthens our technology base and expands our reach across key European and international markets. We expect this revenue to be accretive to Naiz Fit and believe it has the potential to grow as we leverage EyeFitU’s brand relationships and technology within our broader platform.”
The proposed transaction is subject to completion of due diligence, negotiation and execution of definitive agreements, and customary approvals.
Read the full press release: https://finance.yahoo.com/markets/stocks/articles/mysize-subsidiary-signs-non-binding-121500813.html
For more information about MySize, Inc., visit https://www.mysizeid.com or contact
[email protected]. Content is for informational purposes only and is not investment advice. B2i Digital is not a broker-dealer or investment adviser.
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