Nov 21 (Reuters) – Australia’s AI firm Appen (APX.AX) said Tuesday it is mulling the sale of a part or whole of its business.
The machine learning and data solutions provider said that it has received no proposals for a deal so far but is open to engage with potential counterparties.
Appen, which was one of the world’s largest AI training providers, has implemented a raft of cost-saving initiatives and has seen its executive team being entirely replaced over the last two years.
The company on Tuesday announced an equity raise of A$30-million ($19.52 million), aimed at boosting its working capital.
It also announced an additional $14 million of cost reduction, boosting its cost-saving initiatives this year to $60 million.
Appen’s revenue and gross profit fell over 29% and 32% to $223 million and $80 million, respectively, for the 10 months ending Oct. 31, 2023.
($1 = 1.5366 Australian dollars)
Reporting by Nausheen Thusoo in Bengaluru; Editing by Mrigank Dhaniwala
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