The firm scrubs data sets and sells them to companies experimenting with artificial intelligence. Trade in shares was stopped after an unexpected price spike.
Already a subscriber?Appen says it cannot explain why its share price rose 30 per cent in four hours on Tuesday despite confirming it received a confidential takeover offer valuing the struggling data services group at $154 million.
Appen’s shares have rallied more than 200 per cent over the last month under newly appointed chief executive Ryan Kolln.Listed in 2015, Appen scrubs large data sets and on-sells them to large companies experimenting with artificial intelligence. Its revenue has long been highly concentrated among a handful of big tech clients such as Google and Meta, which have cut back spending on Appen’s services to focus on generative AI.with Appen, causing its share price to decline 40 per cent.
Innodata is a New Jersey-based data engineering company that provides AI-enabled software platforms for AI data collection and annotation. It had a market cap of $US205 million before its shares fell 16 per cent on news of the deal. “The Appen board has agreed to a limited exchange of non-public information on both businesses to occur, on a non-exclusive basis,” he wrote.spoke to said they were concerned that an all-stock offer indicated Innodata wouldn’t have the capital required to invest in Appen’s turnaround and shore up its balance sheet if the deal went ahead.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX shares: ASX to open lower, but no end to bull runAustralian shares are expected to open weaker on Monday, after finishing at a record last week. The S&P/ASX 200 has broken intraday records six times this year.
Read more »
SQ2 ASX: Nick Molnar backs Block’s bid to reshape US bankingThe billionaire Afterpay co-founder Nick Molnar tells AFR Weekend he’s been working with Jack Dorsey on Cash App, and they’re ready to tackle US banks.
Read more »
COL ASX: Coles slams price gouging calls with 3¢ profit defenceColes CEO Leah Weckert says Coles’ profit margins have not matched the surge in food inflation. And now she’s opening up a gap to her great rival, Woolworths.
Read more »
QAN ASX: Peter Costello and Ross McEwan in mix for Qantas board positionsThree directors are leaving the airline this year; two this month. A long list of potential candidates is taking shape, including several high-profile figures.
Read more »
SGH ASX: Ryan Stokes’ Boral bid comes with carrots and a big stickSeven’s bid to buy the rest of Boral comes with several sweeteners, but one big stick that could leave Boral investors in a tough spot.
Read more »
SGR ASX: Star Entertainment faces second Bell inquiry into Sydney casinoThe first independent review of the company’s license to operate in NSW found its operation was “a case study of unethical conduct and cultural failure.
Read more »