Amazon, Israel-based Kornit Digital Printing Solutions, Expand Cooperation
To take further advantage of the ongoing growth of global online purchasing, Kornit Digital (NASDAQ: KRNT), based in Rosh Haayin, Israel, reported it will be offering a new tranche of shares to the public, alongside share offerings by Amazon, its partner and minority shareholder. The new offering is expected to raise approximately $125 million. Proceeds will be used for future potential business or technology acquisitions, among other uses. Amazon, the online giant, took a 4.75% share in Kornit of $38 million investment in 2017. Kornit’s digital printing solution for textile and fashion enables mass customization of printed textile products in on-demand short and micro runs to shorten the supply chain to days instead of months and does so within the target markets to reduce negative environmental impacts. According to the company, the online digital fashion and textile printing market will grow to $25 billion by 2023, up from $18 billion in 2018.