Israeli online measurement solutions provider MySize (Nasdaq: MYSZ; TASE: MYSZ) has announced it has acquired Spain-based Naiz Fit. MySize offers solutions for the huge growth in online sales of clothing and Naiz Fit has developed SaaS technology solutions that solve size and fit issues for fashion ecommerce companies.
MySize says that the acquisition will position it to be one of the leading tech providers in the fashion sizing industry adding revenues while expanding its European high-profile customer base. With over 40 clients in Spain, Italy, Germany, and France, Naiz Fit brings to MySize a substantial customer base including Desigual, Moschino, El Ganso, Philosophy, Alberta Ferretti, Silbon, and Boglioli Milano.
MySize is paying $500,000 in cash for Naiz Fit and six million shares of MySize common stock, and up to an additional $1,550,000 in future cash based on the achievement of performance-based milestones plus a shortfall payment of approximately $450,000 payable in 2026. Naiz Fit is expecting an estimated $400,000 in 2022 revenue with a significant increase expected for 2023.
MySize expects its combined Naiz Fit and MySizeID sizing solution revenue to contribute an additional $1 million revenue in 2023.
MySize founder and CEO Ronen Luzon said, "Combining the MySizeID and Naiz Fit sizing solutions, we expect to gain significant economies in sales and marketing and to deliver unparalleled sizing technology to fashion retailers. We believe the acquisition will be highly accretive in the near and long-term as well as being a strategic play. By leading the consolidation of sizing solutions, MySize is positioning to build greater and broader offerings and become the leading technology provider in the industry."
MySize cofounder Borja Cembrero Saralegui added, "Our current customers will benefit significantly from Naiz Fit joining forces with MySize, a Nasdaq listed company with global reach serving some of the largest retailers in the world, and offering complementary products such as FirstLook Smart Mirror. Our pure ecommerce and hybrid apparel retailer clients will have access to the best portfolio of solutions to improve their business economics."
Published by Globes, Israel business news - en.globes.co.il - on October 13, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.