The Company 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 06, 2023 (GLOBE NEWSWIRE) — Jeffs’ Brands Ltd (“Jeffs’ Brands” or the “Company”) (Nasdaq: JFBR, JFBRW), a data-driven e-commerce company operating on the Amazon Marketplace, today announced that it 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.
"This potential transaction is a strategic move that aligns with Jeffs’ Brands vision to stay at the forefront of technology and service. The LOI underscores Jeffs’ Brands’ commitment to enhancing its customer experiences through technology innovation, underscoring the importance of AI in shaping the future of business communications," said Viki Hakmon, Chief Executive Officer of Jeffs’ Brands. "We look forward to leveraging B24Chat’s AI capabilities to enhance the Company’s customer engagement across all our brands."
About Jeffs’ Brands Ltd
Jeffs’ Brands is transforming the world of e-commerce by creating and acquiring products and turning them into market leaders, tapping into vast, unrealized growth potential. Through our stellar team’s insight into the FBA Amazon business model, we’re using both human capability and advanced technology to take products to the next level. For more information on Jeffs’ Brands Ltd visit https://jeffsbrands.com.
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