• Mon. Dec 4th, 2023

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


Nov 21, 2023

Appen, an Australian AI firm that specializes in machine learning and data solutions, is considering selling a part or all of its business, according to a statement released on Tuesday. Despite not receiving any proposals for a deal so far, the company is open to engaging with potential counterparties.

In recent years, Appen has implemented cost-saving initiatives and has seen its executive team replaced entirely. 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 revenue and gross profit declined by over 29% and 32% to $223 million and $80 million, respectively, for the 10 months ending Oct. 31, 2023. The financial challenges have prompted the company to consider a sale or partnership as it takes proactive steps to address its situation and explore potential opportunities for growth.

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