AIRPORT CITY, Israel, February 8, 2022 /PRNewswire/ — MySize, Inc.. (NASDAQ: MYSZ) (TASE: MYSZ.TA) (“MySize” or the “Company”), the provider of AI-based measurement solutions to drive revenue growth and reduce costs for its commercial customers, is pleased to announce that it has acquired Orgad, an omnichannel e-commerce platform. Orgad is headquartered in Israel and operates worldwide, including the United States and Europe.
Orgad generated approximately $2.5 million of turnover in 2021 with profitable operations. Its team consists of strong operators with deep understanding and knowledge of e-commerce, supply chain and technology. Orgad’s focus on technology, operations and customer service to increase efficiency and revenue growth is structured on a platform capable of handling many retailers.
Additionally, Orgad will integrate MySizeID into its digital offerings and platforms. Integrating MySizeID into Orgad’s e-commerce solution should increase its operational profit by reducing costly returns.
Elad Bretfeld, Founder of Orgad, said, “We look forward to working with MySize and being part of a publicly traded company. We have identified other global e-commerce opportunities that would benefit from our e-commerce platform and digital management expertise. looking forward to growing our business and working with the existing MySize team.”
Similar to Thrasio, Perch, and Hour Loop, Orgad is an e-commerce platform engaged in online retail in the global market. It operates as a third-party seller on Amazon.com, eBay, and others. Orgad currently manages over 1,000 stock keeping units (“SKUs”), primarily in fashion, apparel and footwear, but is capable of managing tens of thousands of SKUs.
Under the terms of the transaction, MySize has agreed to pay the Orgad vendors cash consideration of up to $1 million in 3 installments over a 3-year period, an equity consideration of up to 2,790,049 shares of MySize common stock and certain earnout payments based on revenue targets, subject in each case to sellers being committed with Orgad at the time each payment is made due and subject to subsequent post-closing adjustment.
Ronen Luzon, Chief Executive Officer of MySize, said, “This is a major strategic move on the part of MySize as we expand our business to also become an e-commerce direct seller. The Orgad team has built a solid business as a direct apparel seller. and shoes globally on Amazon.com, eBay and elsewhere. By using MySize technology, Orgad will be able to increase their profitability by increasing conversion rates and reducing costly returns, which also improves their sustainability.
Luzon, concluded, “We will continue to evaluate other proven e-commerce vendors. Our acquisition strategy is to offer vendor product selections to our customers. Our R&D, sales and marketing infrastructure is in place and ready to grow revenue and improve margins as we go. We plan to grow our business rapidly by increasing the number of business owners, suppliers and SKUs, who can also use MySizeID and SizeUP for the DIY market.
For more information about the 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 unique measurement technology based on sophisticated algorithms and state-of-the-art technology with wide applications including apparel, e-commerce, DIY , shipping and delivery of parcels. Industries. This exclusive measurement technology is driven by several algorithms capable of calculating and recording measurements in different ways. To learn more about MySize, please visit our website: www.mysizeid.com. We regularly post information that may be important to investors in the Investor Relations section of our website. follow us on Facebook, LinkedIn, instagramand Twitter.
Please click here for a demonstration of how MySizeID provides a complete sizing solution for the retail industry.
To learn more about MySize and for more information, please visit: our website: www.mysizeid.com.
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. Such statements are identified by the use of the words “may”, “believe”, “anticipate”, “have intends”, “estimates”, “expects”, “may”, “will”, “predict”, “potential”, “projects” and similar expressions 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 or implied by the forward-looking statements are reasonable, we cannot guarantee 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 current expectations or projections. Actual results will differ materially from those indicated in the forward-looking statements and the market price of our common stock may fluctuate significantly. Forward-looking statements are also affected by the risk factors described in the Company’s filings with the United States Securities and Exchange Commission. Except as required by law, we undertake no obligation to publicly update or revise 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 unforeseen events. events.
United States press contact:
Or Kles, CFO
SOURCE My Size Inc.