• Sun. Dec 3rd, 2023

Australian AI Company Appen Explores Possibility of Selling Business Part or Whole


Nov 21, 2023

On Tuesday, Appen, an AI firm based in Australia, announced that it is considering selling a part or all of its business. Although the company has not yet received any proposals for a deal, it is open to engaging with potential counterparties.

Over the past two years, Appen has implemented several cost-saving initiatives and has seen its executive team entirely replaced. In an effort to boost its working capital, the company announced an equity raise of A$30 million on Tuesday. Additionally, it revealed an additional $14 million in cost reduction, bringing its total cost-saving initiatives this year to $60 million.

Appen’s financial challenges may be contributing to its willingness to consider a sale or partnership. For the 10 months ending Oct. 31, 2023, the company’s revenue and gross profit declined by over 29% and 32% to $223 million and $80 million, respectively. Despite these challenges, Appen appears to be taking proactive steps to address its financial situation and explore potential opportunities for growth.

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