MySize acquires Spain’s Naiz Fit to grow virtual fitting capabilities

Israeli omnichannel company MySize has announced the acquisition of Spain-based Naiz Fit, in a 500,000 dollar cash deal.

Naiz Fit is a provider of software-as-a-service (SaaS) technology that offers e-commerce companies size and fit solutions, acting as a “digital tailor”.

Its capabilities will be merged with that of MySize, which develops artificial intelligence-driven (AI-driven) measurement solutions for retailers.

Next to its cash offer, MySize has also acquired the firm for six million shares of its common stock, and up to an additional 1.55 million dollars in future cash based on the achievement of performance-based milestones.

The acquisition also includes a shortfall payment of approximately 450,000 dollars payable in 2026.

Naiz Fit’s revenues and financial results will be fully integrated into MySize’s consolidated results for the fourth quarter of 2022.

As detailed in the press release, it is expecting an estimated 400,000 dollars in 2022 revenues, with substantial increases anticipated for 2023.

MySize has further forecasted that its combined Naiz Fit and MySizeID revenues will contribute to an additional one million dollars in the same year.

It comes as the tech firm continues to work towards becoming one of the leading measurement solution tech providers in the fashion industry, as it looks to accelerate growth by broadening its own offer and expanding its European footprint and sales infrastructure.

With the acquisition, the company will be adding the likes of Moschino, Desigual and El Ganso, among others, to its customer base, all of which previously utilised technology from Naiz Fit.

The firm will also be launching its latest product, Smart Catalogue, following the acquisition, which aims to provide product teams with informed decisions on their collections based on real-time consumer data.