BEIJING, Dec. 27, 2021 /PRNewswire/ -- Infobird Co., Ltd (Nasdaq: IFBD) ("Infobird" or the "Company"), a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China, announced today it had entered into an equity transfer agreement to acquire a 51% equity interest in Shanghai Qishuo Network Technology Co., Ltd. ("Qishuo"). Qishuo is a provider of consumer product and retail store digitalization solutions in the retail footwear industry and leading clothing brands. Qishuo's main product "Retail Rubik's Cube" empowers clients with the digital capability to better understand and improve operational and store performances. Qishuo's Retail Rubik's Cube has gained high recognition from its customers and the company won the honor of "Best Retail Practice Case of Big Data Application in China" in 2018.
With several years of development, Qishuo has gained deep insights into retail stores' operations, especially in the clothing and footwear industry. The customer base of Qishuo comprises several leading clothing brands in China. Infobird believes the acquisition of a 51% equity interest of Qishuo is an important complimentary and synergistic strategic initiative and is expected to enable Infobird to accelerate its expansion into the consumer products and retail industry. With the Qishuo transaction, Infobird expects to provide more comprehensive and industry-specific SaaS solutions that focus on the digitalization of customer engagement and retail stores' operation optimization.
Yimin Wu, Chief Executive Officer and Chairman of Infobird, commented: "We believe that China's consumer products and retail industry continues to have significant growth potential. Even though online purchasing has experienced a fast growth period due to changing consumer purchasing habits as a result of the COVID-19 pandemic, physical stores are still considered a very important channel for companies to engage with customers and to increase brand influences. Qishuo's product, Retail Rubik's Cube, provides an ideal solution for retailers that want to optimize the customer experience at their physical stores. By having a deep understanding of client store operations in China's consumer products and retail industry, Qishuo aims to empower companies with easy-to-use SaaS products that can provide deep insights of how to improve store performance and operations. With the integration of Qishuo, Infobird will also have the capability to offer a more complete and industry-specific solution for clients, that will address both omnichannel customer engagement and digitalized store operation solutions. We strongly believe that the era for the digital transformation of China's consumer products and retail industry is now arriving and whoever can provide true value to the market, can win market share and build lasting barriers to entry. We are very excited about Qishuo's expertise in the field, and we believe that together we can accelerate our presence in the fast-growing retail and consumer marketplace."
Gu Qi, founder and Chief Executive Officer of Qishuo, stated: "The focus of a business may change from time to time; however, the trend of data-driven value realization for businesses will not change. Data is the energy and power of the new economic era, and it's a sound business practice to use big data to empower the new retail industry. Based on our past experiences, many of the stores' management care mostly about the results of its operations rather than the factors that could lead to the result. This is why our Retail Rubik's Cube becomes very valuable to our clients. Instead of simply knowing what the result is, we want to help our clients to understand why and how. By conducting multi-dimensional data analysis for store operation, our retail Rubik's Cube is able to inform the store management team what could have been improved based on the operational data. We are very excited to join Infobird as we both share the same vision of providing creative value-driven SaaS solutions to the consumer product and retail industry. We believe that Infobird's international vision, strong technical capability, and deep product portfolio will provide strong support to us in both the short and long run. We look forward to quickly scaling up our business together with Infobird and by leveraging Infobird's technology, products and platforms, we believe more companies will enjoy the benefits of our value-driven solutions."
The industry know-how embedded standardized SaaS solutions from both Infobird and Qishuo can provide a strong foundation of quick scale-up of business expansion in the consumer products and retail industry. After the acquisition, the combined company will have significantly more industry experiences and be able to offer more products to optimize its existing standardized products to solve real business problems and create innovative solutions for better business results. More specifically, the combined company aims to support the growth initiatives of consumer product and retail enterprises by strengthening omnichannel customer engagement, including customer marketing, customer acquisition, and customer retention and by enhancing and optimizing physical store operations. In addition, Infobird and Qishuo will work together on marketing campaigns, sales channels and customer resources to better achieve cross-selling and up-selling opportunities.
About Infobird
Infobird, headquartered in Beijing, China, is a software-as-a-service provider of innovative AI-powered or enabled customer engagement solutions. The company's mission is to empower companies to have smart and personalized customer engagement solutions. By leveraging self-developed cloud-native architecture, AI and machine learning capabilities, patented Voice over Internet Protocol technologies, no-code development platform, and in-depth industry expertise, Infobird provide holistic business value-driven customer engagement SaaS solutions to help companies to increase revenue, reduce cost, and enhance customer service quality and customer satisfaction. For more information about the company, visit www.Infobird.com.
About Shanghai Qishuo Network Technology Co., Ltd
Shanghai Qishuo Network Technology Co., Ltd is a player of consumer product and retail store digitalization solutions. Right now, the company's business is mainly focused on shoes and footwear industry and has rich experiences in serving leading clothing brands in China. With a deep understanding of the clothing and footwear brand's retail store operation, Qishuo has developed its main product "Retail Rubik's Cube" to empower clients with digital means to better understand and improve the operation process as well as the performances of stores. Qishuo's Retail Rubik's Cube has gained high recognition from its customers and the company won the honor of "Best Retail Practice Case of Big Data Application in China" in 2018.
Forward-Looking Statements
This press release contains certain forward-looking statements, including statements with regard to Infobird's proposed initial public offering. Words such as "will," future," "expects," "believes," and "intends," or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed initial public offering discussed above will be completed on the terms described. Completion of the proposed initial public offering and the terms thereof are subject to numerous factors, many of which are beyond the control of Infobird, including, without limitation, the failure of customary closing conditions and the risk factors and other matters set forth in the prospectus included in the registration statement in the form last filed with the SEC. Infobird undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Contacts
Infobird Co., Ltd
Yimin Wu, Chief Executive Officer and Chairman of the Board of Directors
wuym@infobird.com
86-010-52411819
Infobird Co., Ltd Investor Relations
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com
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