Medigus to Acquire Control of Automated Online & Offline Ticketing Platform Company Eventer

Medigus to hold 50.1% in Eventer

OMER, Israel, Oct. 16, 2020 (GLOBE NEWSWIRE) -- OMER, Israel, October 16, 2020 - Medigus Ltd. (Nasdaq:MDGS) (TASE:MDGS), a technology company engaged in advanced medical solutions and innovative internet technologies, today announced the signing of a share purchase agreement and revolving loan agreement with Eventer Technologies Ltd., a leading company engaged in providing interactive automated online & offline enterprise ticketing and events platform, based on AI technology. As part of the share purchase agreement and the revolving loan agreement, Medigus shall invest up to $1,000,000 in Eventer based on a number of milestones and shall loan up to an additional amount of $1,250,000 to Eventer. Upon the closing of the transaction, Medigus will hold 50.1% of Eventer's issued and outstanding share capital on a fully diluted basis.

Eventer develops unique tools for automatic creation, management, promotion and billing of events and ticketing sales. With the growing demand for enterprise and private online communication over the last year, Eventer's systems offer, and enable, advanced user-friendly solutions for online events such as online concerts, enterprise events, online conferences, in addition to offline venues. In addition, Eventer's platform provides individuals with the ability to create and sell tickets to custom small-scale private or public events. 

Medigus was informed by Eventer that, to date Eventer's platform has hosted 22,700 events, representing an increase of 118% on a year over year basis for the past 5 years, with approximately 8,000 events and 1 million tickets sold in 2019. Eventer's business model is based on a 3%-6% commission structure on tickets sold through its platform as well as fees for provision of additional services such as marketing and tailored features. In 2019, the value of ticket sales on Eventer's platform was approximately NIS 88 million.

A majority of Eventer’s activity and ticket sales are in Israel. Medigus believes that it has invested in an effort to further promote Eventer’s penetration to expand to target markets located primarily in North America.

Eventer's clients include leading production companies, Israeli Electric Corporation, American Express, Live Nation, DGTL, Dinners Club, media portals, broadcasting networks, academic institutions, entertainment and cultural organizations and many enterprises in additional fields.