02/23/2021 | Press release | Distributed by Public on 02/24/2021 02:14
OMER, Israel, Feb. 23, 2021 - Medigus Ltd. (NASDAQ:MDGS), a technology company engaged in advanced medical solutions and innovative technology, announced today that Eventer Technologies Ltd., Medigus' subsidiary (50.1%), entered the multi-billion virtual conference market by signing an exclusive licensing agreement to adopt Screenz Cross Media Ltd. technology for virtual conferences.
Screenz is a virtual entertainment and events technology company whose customer base includes Reliance Industries (a Fortune 500 company and the largest private-sector corporation in India), Fox, ABC, Disney, Univision and Viacom.
As part of the license agreement, Screenz will provide and adapt its technology to Eventer to host and broadcast virtual conferences, including an interactive player with capabilities of broadcasting, recording and interactive layers on video. By combining both companies' knowledge and technology, Eventer plans to offer innovative new solutions to the rapidly growing virtual conference market for both its current and potential customer base.
Multiple market studies referring to virtual events, virtual conferences and virtual meeting software, predict high scalability of these markets as a result of COVID-19 pandemic. According to one market study, the global virtual events market size was valued at $ 77.98 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.2% from 2020 to 2027. The growing popularity of Unified Communication as a Service amongst corporations, education institutes, and various other organizations across industries is expected to drive the market during the forecast period.
'2020 created many new opportunities for Eventer, with high demand for advanced technological solutions for virtual conferences and events. Eventer has an innovative technology and years of experience in providing customers with top-of-the-line solutions for online conferences, one of the most growing fields this year. We believe Eventer has the opportunity to become a key player in the market in a relatively short time,' said Liron Carmel, CEO of Medigus.
In consideration for granting the license to use the technology for virtual conferences and developing the necessary adaptions, Eventer shall pay Screenz a total sum of $1,500,000. In the first five months Eventer shall pay Screenz a monthly sum of $40,000, a grace period for Eventer's planning and establishment of the operation. Following the grace period, Eventer shall pay Screenz the remaining sum of $1,300,000 in three equal payments. The adaptation of the Screenz technology is expected to be completed in the second half of 2021. Screenz shall be entitled to 8% of the revenue received from any use of the product.
Medigus is traded on the Nasdaq Capital Market and the TASE (Tel Aviv Stock Exchange). To learn more about the company's advanced technology, please visit www.medigus.com.