ANPC - AnPac to buy some assets of Easy Hundred to enter US food market

2023-04-03 11:22:50 ET

AnPac Bio-Medical Science ( NASDAQ: ANPC ) said that on March 31 it signed an agreement with Easy Hundred to acquire certain fixed assets of Easy Hundred and Easy Hundred's intellectual property (IP) relating to ez100, 2Supply and 100WAY.

The IP includes a set of e-commerce platform source codes, covering websites, apps, and management systems, according to the company.

Under the agreement, AnPac will buy the assets for ~$8.15M, payable as $730K in cash and ~17.67M class A ordinary shares of AnPac.

AnPac said that ez100 is a U.S. restaurant supply e-commerce platform which provides takeout disposables, dry goods, janitorial supplies, dinnerware, equipment, and customizable supplies for restaurant use.

Meanwhile, 2Supply is an online marketplace for restaurant suppliers and operators to better manage their sales and purchases. 100WAY concentrates on restaurant reviews and discounts.

The acquisition is part of the company's strategy to enter the U.S. food market by optimizing the industry supply chain and supplement recently acquired Fresh2 Ecommerce's business-to-business e-commerce platform focused on connecting Asian food suppliers and supermarkets in the U.S.

"Easy Hundred has some significant shareholders, such as the well-known technology company Menusifu, and has received investments from Amino Capital, Himalaya A Fund III LP, and other institutional investors in the past," said Co-CEO Haohan Xu. "The acquisition of Easy Hundred's assets is a strategic initiative to accelerate our business growth in the U.S. food market."

The transaction's initial closing took place on March 31.

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