Fox-Wizel Ltd. (TASE: FOX), controlled by Harel Wizel, is joining forces with startup Preciate, founded a year ago by Amdocs founder Avi Naor and Eyal Fisher. Preciate has developed a platform that provides unique real-time insights about each customer using facial recognition technology, so that each customer can obtain service tailored to his or her needs and preferences.
Under the terms of the agreement Fox-Wizel has an option for 20% of Preciate's shares at a company value of $15.5 million, before money, subject to adjustments if there are additional investments before the option is exercised.
In addition, Fox-Wizel will help Preciate connect to "leading overseas retail concerns." Fox-Wizel is entitled for up to $500,000 for each agreement between Preciate and a leading retailer introduced to Preciate by Fox-Wizel. Fox-Wizel's options are exercisable at its discretion until April 30, 2020 or until an exit, whichever is earlier.
Fox-Wizel said today that the company regarded this agreement as "an integral part of its strategy for remaining the leading retail company in Israel, while promoting innovation as a lever for growth and implementation of advanced technological solutions in order to improve the shopping experience and streamline offers of value for the company's customers."
Published by Globes, Israel business news - en.globes.co.il - on July 24, 2019
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