Omnichannel e-commerce platform MySize is acquiring Spanish software-as-a-service technology provider Naiz Fit. The company announced the acquisition of Naiz Fit in a statement on Wednesday.
MySize develops artificial intelligence (AI) based sizing solutions for retailers, while Naiz Fit acts as a “digital tailor”. The Spanish company’s SaaS technologies solve size and fit issues for fashion e-commerce companies and their customers.
MySize plans to expand its European presence
“By bringing MySizeID and Naiz Fit’s solutions together, we anticipate significant sales and marketing savings and be able to offer fashion retailers unparalleled sizing technology,” said Ronen Luzon, Managing Director and Founder of MySize. The acquisition is also expected to accelerate the growth and expansion of the company’s European presence in Europe, including through the Nize Fits customer base, which includes Desigual, Boglioli Milano, Moschino and El Ganso, among others.
The company offered Nize Fit not only $500,000 in cash, but also six million shares of MySize common stock. An additional cash award of up to $1.55 million is contingent on meeting certain pre-established performance targets. In addition, a compensation payment of 450,000 US dollars (around 462,000 euros) is planned for 2026.
Naiz Fit’s revenue and financial results will be fully integrated into MySize’s consolidated financials in Q4 2022. The company expects sales of $400,000 (about €410,000) for 2022. However, the company expects significant increases for the following year, according to the announcement. The company forecasts $1 million in additional revenue in 2023 from the acquisition of Naiz Fit.