AIRPORT CITY, Israel,
Feb. 8, 2022 /PRNewswire/ --
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) ("MySize" or the
"Company"), the provider of AI-driven measurement solutions to
drive revenue growth and reduce costs for its business clients, is
pleased to announce that it has acquired Orgad, an omnichannel
e-commerce platform. Orgad is headquartered in Israel and operates globally, including the
U.S. and Europe.
Orgad generated approximately $2.5
million in revenue in 2021 with profitable operations. Its
team consists of solid operators with deep understanding and
knowledge in e-commerce, supply chain and technology. Orgad's focus
on technology, operations and customer service to increase
efficiencies and revenue growth is structured on a platform that is
able to manage numerous retailers.
Additionally, Orgad will integrate MySizeID into its digital
offerings and platform. Incorporating MySizeID into Orgad's
e-commerce solution is expected to increase its operational profit
by reducing costly returns.
Elad Bretfeld , Founder of Orgad, stated, "We look forward to
working with MySize and becoming part of a publicly listed company.
We have identified additional e-commerce global opportunities that
would benefit from our e-commerce platform and digital management
expertise. We look forward to scaling our business and working with
the existing team at MySize."
Similar to Thrasio, Perch and Hour Loop, Orgad is an e-commerce
platform engaged in online retailing in the global market. It
operates as a third-party seller on Amazon.com, eBay and others.
Orgad currently manages more than 1,000 stock-keeping units
("SKUs"), mainly in fashion, apparel and shoes, but is capable of
managing tens of thousands of SKUs.
Under the transaction terms, MySize agreed to pay to the Orgad
sellers cash consideration of up to $1
million in 3 installments over a period of 3 years, equity
consideration of up to 2,790,049 shares of MySize common stock, and
certain earn-out payments upon meeting revenue targets, subject in
each case to the sellers being engaged with Orgad at the time each
payment is due and subject further to post-closing adjustment.
Ronen Luzon, Chief Executive Officer of MySize, commented, "This
is a major strategic move by MySize as we are expanding our
business to also be a direct e-commerce seller. The Orgad team has
built a strong business as a direct seller of clothing and footwear
globally on Amazon.com, eBay and elsewhere. By using MySize
technology Orgad will be able to increase its profitability by
increasing conversion rates and reducing costly returns, which also
improves their sustainability."
Luzon, concluded, "We will continue to evaluate additional
proven e-commerce sellers. Our acquisition strategy is to bring
vendors product selections to our customers. Our infrastructure of
R&D and sales and marketing is in place and ready to increase
revenues and improve margins as we scale. We plan to expand our
business rapidly by increasing the number of business managers,
vendors and SKUs, which can also utilize MySizeID and SizeUP for
the DIY market."
For further information regarding terms and conditions contained
in the purchase agreement, please see the Company's Form 8-K filed
in connection with the transaction.
About MySize, Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE:
MYSZ.TA) has developed a unique measurement technology based on
sophisticated algorithms and cutting-edge technology with broad
applications, including the apparel, e-commerce, DIY, shipping, and
parcel delivery industries. This proprietary measurement technology
is driven by several algorithms that are able to calculate and
record measurements in a variety of novel ways. To learn more about
MySize, please visit our website: www.mysizeid.com. We
routinely post information that may be important to investors in
the Investor Relations section of our website. Follow us
on Facebook, LinkedIn, Instagram,
and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
Register here for a free plan of MySizeID solution for
your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for Android.
To learn more about MySize and for additional information,
please visit: our website: www.mysizeid.com.
Forward-looking Statements:
This press release
contains certain forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements are identified by the use of
the words "could," "believe," "anticipate," "intend," "estimate,"
"expect," "may," "continue," "predict," "potential," "project" and
similar expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although we believe that our
plans, objectives, expectations and intentions reflected in or
suggested by the forward-looking statements are reasonable, we can
give no assurance that these plans, objectives, expectations or
intentions will be achieved. Forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ
materially from historical experience and present expectations or
projections. Actual results to differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
U.S. Press Contact:
Strauss Communications
joel@strausscomms.com
www.strausscomms.com
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
Brian Loper
ClearThink
bloper@clearthink.capital
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SOURCE My Size Inc.