Nov 21 (Reuters) – Appen (APX), an Australian artificial intelligence company, disclosed on Tuesday its contemplation of divesting some or all of its business operations.
The provider of machine learning and data solutions affirmed its openness to engaging in discussions with potential acquirers, despite not having received any formal proposals as of yet.
As a prominent global AI education provider, Appen has undertaken various cost-saving measures, including a complete overhaul of its executive team over the last two years.
In a strategic move to bolster its operational funds, the company unveiled a \(30 million equity raise on Tuesday, alongside a \)14 million reduction in expenses, culminating in a total of $60 million in cost savings for the current year.
Notably, for the ten-month period ending on October 31, 2023, Appen recorded a 29% decline in revenue to \(223 million and a 32% decrease in gross profit to \)80 million.
(1 USD = 1.5366 AUD)
Monitoring by Nausheen Thusoo in Bengaluru; Processing by Mrigank Dhaniwala
