Shekel Brainweigh jumps on Intel collaboration

Australia Photo: Shutterstock

The company develops scales, advanced weighing systems, and a barcode scanner.

The share price of Shekel Brainweigh Ltd. (ASX: SBW), which recently held its IPO on the Australian Securities Exchange (ASX) jumped 11.1% today in trading after the company reported a cooperative effort with Intel. Shekel Brainweigh reported that it would collaborate with Open Retail Initiative (ORI), a cooperative venture between the various players in the industry, including Intel, JD.com, HP, Dell, Verifone, and others.

Shekel Brainweigh develops and manufactures scales and advanced weighing systems for a variety of uses and applications, plus a barcode scanner. The purpose of the ORI venture is to expedite development and adoption of solution based on the Internet of Things (IoT), "In order to change the way retailers operate." The partners in the venture plan to develop technological solutions for retailing, thereby saving on costs for customers in the sector and increasing the return on the investment.

"Shekel Brainweigh was invited by Intel to join ORI, which is changing the rules of the game, and together with other industry leaders, to simplify adoption of advanced technologies for the retail environment," said Shekel Brainweigh executive director and CEO Yoram Ben Porat. He added that this constituted recognition by the industry of the company's unique technology.

Even after today's leap, the company's share price is still 28.6% below the price at which it held its IPO two months ago. Shekel Brainweigh's IPO was at A$0.35 per share, reflecting a market value of A$49 million (NIS 129.5 million) for the company from Kibbutz Keshet. The company's current market cap is A$31 million (NIS 82 million).

Published by Globes, Israel business news - en.globes.co.il - on January 16, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Australia Photo: Shutterstock
Australia Photo: Shutterstock
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