Technology-based Company.
Engaged in advancing innovative solutions for large-scale market applications
- January 26, 2023
Tel Aviv, Israel, Jan. 26, 2023-  Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, today announced that Gix Media Ltd. (“Gix Media”), a subsidiary of Medigus affiliate, Gix Internet (in which Medigus holds 42.25%) (TASE: GIX), a global marketing technology (MarTech) solutions company for online performance-based-marketing, acquired an additional 10% of Cortex Media Group Ltd. (“Cortex”), a digital publishing company, increasing its holdings to 80% of the share capital of Cortex on a fully diluted basis (the “Subsequent Purchase”).
The Subsequent Purchase was completed at a valuation of Cortex of approximately $27 million in exchange for consideration consisting of $2.7 million in cash.
The Subsequent Purchase follows Gix Media’s initial purchase of 70% of Cortex’s share capital in October 2021 (the “Initial Purchase”). At the Initial Purchase, Cortex was valued at $16 Million and the increase in Cortex’s current valuation is primarily due to an increase in its results and activity and its improved financials.
During the period following Gix Media’s Initial Purchase, Gix Media’s revenues grew by 176% to $66.1 million during the nine months ending September 30, 2022, as compared to the same period in 2021.
Gix Media intends to finance the Subsequent Purchase through both cash and the expansion of a $1.5 million loan.