![](https://investorshub.advfn.com/uicon/1215.png?cb=1691074180)
Thursday, October 14, 2021 9:01:18 AM
October 14 2021 - 07:57AM
GlobeNewswire Inc.
Alert
Share On Facebook
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, announced today that its affiliate Gix Internet (38.01% on a fully diluted bases) (TASE: GIX), a global marketing technology (MarTech) solutions company for online performance-based-marketing, announced that Gix Internet’s subsidiary, Gix Media completed the acquisition of 70% of Cortex Group, an innovative media-tech company that has developed expertise in turning original content into a profit center through user traffic acquisition.
The acquisition was based on a Cortex pre-money valuation of approximately $15.6 million (NIS 50 million), out of which Gix Media’s 70% stake constituting approximately $ 11 million (NIS 35 million).
Cortex was established in 2017 and has since been operating with remarkable success in the field of online advertising. Cortex is an innovative media-tech company that has developed capabilities that enable the conversion of original content into a profit center by acquiring user traffic. Cortex’s business model is based on purchasing advertising space from publishers such as YAHOO, Outbrain, Verizon-Oath, Google and more. Cortex employs about 19 people in its offices in Tel Aviv.
Gix reported that according to Cortex’s financial statements for the first half of 2021, its revenues amounted to approximately $13.5 (NIS 43 million), an increase of 53% compared to its revenues in the first half of 2020, and Cortex’s operating profit for the first half of 2021 amounted to approximately $1.3 (NIS 4.2 million), an increase of 121% compared to the first half of 2020.
During the third quarter of 2021, Cortex continued to present an impressive growth, with revenues amounting to approximately $12.5 million (NIS 40 million), an increase of 92% compared with revenues in the corresponding quarter last year. Operating profit in the third quarter of 2021 amounted to approximately $1.4 million (NIS 4.5 million), an increase of 44% compared to the operating profit of the third quarter of 2020.
Cortex’s financial results will be consolidated with Gix’s financial statements, as of the acquisition date and are expected to contribute significantly to Gix’s consolidated results for 2021.
CHASING MOMENTUM makes other people rich
COAT-TAILING does not make you a better trader, learn your craft.
To build real wealth, understand the ingredients of the secret sauce: market cap, share structure, and potential.
Recent MDGS News
- Xylo Technologies: Charging Robotics Lands Commercial Order for EV Wireless Charging Systems in Automatic Car Parks • GlobeNewswire Inc. • 07/23/2024 12:22:00 PM
- Xylo Technologies: Charging Robotics Secures First Commercial Order for EV Wireless Charging Systems in Automatic Car Parks • GlobeNewswire Inc. • 06/27/2024 12:13:00 PM
- Xylo: Gix Internet Signed MOU for Investment and Merger with an AI- Robotics Company • GlobeNewswire Inc. • 06/06/2024 01:27:00 PM
- Xylo: Metagramm Successfully Completes Development of Advanced AI-Powered Writing and Grammar Product • GlobeNewswire Inc. • 05/28/2024 01:00:00 PM
- Xylo Technologies Signs LOI to Acquire a Leading AI Technology Company Based in Germany • GlobeNewswire Inc. • 05/21/2024 12:56:00 PM
- Xylo Technologies: Charging Robotics and Make My Day to Deploy AI based EV Charging Management System • GlobeNewswire Inc. • 05/15/2024 01:22:00 PM
- Xylo Technologies Files its 2023 Annual Report on Form 20-F • GlobeNewswire Inc. • 04/22/2024 08:05:00 PM
- Medigus Announces Corporate Rebranding Changes Name to Xylo Technologies Ltd. to Reflect Core Values of its Business • GlobeNewswire Inc. • 04/09/2024 08:03:00 PM
- Medigus Reaps Success with First Installation of a Wireless Charging System for Automatic Car Parks • GlobeNewswire Inc. • 04/01/2024 11:49:00 AM
- Medigus: Revoltz Initiates on Exclusive Distribution Agreement of $2.7 Million in Revenues and Completes the Production of the First 50 PORTO Micro-Mobility EVs • GlobeNewswire Inc. • 03/27/2024 11:55:00 AM
- Medigus: Charging Robotics Announces Successful Installment of its Wireless Charging System for Automatic Car Parks • GlobeNewswire Inc. • 03/19/2024 01:25:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/07/2024 09:19:48 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/22/2024 12:41:09 PM
- Medigus: ParaZero Ramps Up Partnership with US-Based Autonomous Drone OEM Vayu Aerospace Corporation • GlobeNewswire Inc. • 02/22/2024 12:38:50 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/14/2024 09:00:18 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/12/2024 09:01:08 PM
- Medigus: Revoltz Opens for Pre-Orders of its Revolutionary Micro Mobility EV • GlobeNewswire Inc. • 01/04/2024 12:45:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/27/2023 01:10:37 PM
- Medigus: Charging Robotics Announces Positive Results in Transferring High Voltage Wireless Electricity Needed for EV Charging • GlobeNewswire Inc. • 12/27/2023 01:10:00 PM
- Medigus: Charging Robotics Targets the $1.8 Billion Automated Parking Market for EV Wireless Charging Solution • GlobeNewswire Inc. • 12/26/2023 12:11:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/21/2023 12:01:20 PM
- Medigus: ParaZero Successfully Completed its Drone Safety Project with a Fortune 500 Leading Automotive Manufacturer • GlobeNewswire Inc. • 12/21/2023 11:59:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/18/2023 01:42:23 PM
- Medigus: Jeffs' Brands Signs a Non-Binding Letter of Intent to Invest in a Remote Wireless Electric Charging Technology Company • GlobeNewswire Inc. • 12/18/2023 01:40:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/14/2023 09:05:16 PM
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution • GDLG • Jul 26, 2024 12:30 PM
Southern Silver Files NI43-101 Technical Report for its Updated Preliminary Economic Assessment for the Cerro Las Minitas Project • SSV • Jul 25, 2024 8:00 AM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM