Medigus

Jeffs' Brands to Acquire 50.01% Interest in an AI marketing Business to Enhance Its Machine Learning Capabilities

Jeffs’ Brands has entered into a non-binding letter of intent for, among others, the integration of the AI-based tool developed by B24Chat which will strengthen Jeffs' Brands' in-house marketing system and upgrade its marketing and services performance

Tel Aviv, Israel, July 07, 2023 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, announced today that Jeffs' Brands Ltd. (“Jeffs’ Brands”) (owned 34.87% by Medigus) a data-driven E-commerce company operating on the Amazon Marketplace, has entered into a non-binding letter of intent ("LOI") to acquire a majority controlling interest of the B24Chat business, an AI marketing  platform specializing in enterprise-level omnichannel and conversational automation management. 

The entry into the LOI and the transaction contemplated thereby aligns with Jeffs' Brands' commitment to leveraging state-of-the-art technologies for enhancing its in-house marketing and service capability and revenue growth.

This acquisition signifies Jeffs' Brands' strategic entry into the AI domain, complementing its existing suite of businesses. B24Chat, an AI-based customer service platform, offers an omnichannel and conversational automation management solution that helps companies streamline their customer interactions across various platforms.

Pursuant to the LOI and subject to entry into a definitive agreement, the parties will establish a new company ("NewCo") in which Jeffs’ Brands will invest an aggregate amount of $1,000,000, of which $500,000 will be paid in cash and $500,000 will be paid in newly-issued ordinary shares of Jeffs’ Brands, in consideration for 50.01% of NewCo’s fully diluted share capital. The founder of B24Chat shall assign all of its rights, title and interest in the technology of the B24Chat  business in consideration for 49.99% of NewCo’s fully diluted share capital.

The B24Chat platform offers companies the ability to build and operate their own branded, sales-focused websites or easy-to-use iOS & Android apps. By connecting to a company's website, customer relationship management (CRMs) and/or enterprise resource planning (ERP), B24Chat's smart bots can "read" and "look" through content, gathering information about products and services, as well as updating news about the company and the market. The bot even learns on its own, developing unique scenarios to prepare for conversations with clients.