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Appen Considers Selling Part or All of its Business

Summary

Appen, an Australian artificial intelligence company, announced on Tuesday that it is considering selling part or all of its business. While the company has not received any proposals yet, it is open to negotiations with potential partners. Appen, one of […]

Appen Considers Selling Part or All of its Business

Appen, an Australian artificial intelligence company, announced on Tuesday that it is considering selling part or all of its business. While the company has not received any proposals yet, it is open to negotiations with potential partners.

Appen, one of the world’s largest providers of AI training, has implemented a series of cost-cutting initiatives and has completely replaced its executive team in the past two years. To strengthen its working capital, the company has announced the issuance of shares worth AUD 30 million ($19.52 million).

Furthermore, Appen stated that it will reduce costs by an additional AUD 14 million, bringing the total cost reduction initiatives for this year to AUD 60 million. Appen’s revenue and gross profit have decreased by 29% and 32%, amounting to AUD 223 million and AUD 80 million, respectively, for the ten months ending on October 31, 2023.

This decision to consider the sale of part or all of its business comes at a time when Appen is facing challenges in the AI market. Through a potential sale, the company will be able to adapt to industry changes and focus on new markets or business models that align with current trends.

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