MySize Buys Naiz Fit In Cash And Stock Deal

(RTTNews) - MySize, Inc. (mysz), an Israeli e-commerce platform, said on Wednesday that it has acquired Naiz Fit, a Spanish provider of SaaS technology solutions, for $0.50 million in cash and 6 million shares of MySize.

In addition, MySize will provide up to $1.55 million cash performance-based milestone payments in the future, and a shortfall payment of around $0.45 million to be paid in 2026.

With this acquisition, Naiz Fit expects revenues of $0.40 million for 2022, with a projected substantial increase in 2023. MySize expects its combined Naiz Fit and MySizeID sizing solution to yield an additional $1 million in revenues for 2023.

Ronen Luzon, CEO, and Founder of MySize, said: "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."