On Tuesday, Appen, the Australian AI firm, revealed its contemplation of selling a portion or the entirety of its business. Despite not having received any proposals for a deal thus far, the machine learning and data solutions provider expressed openness to engaging with potential counterparties.
Appen, once recognized as one of the world's largest AI training providers, has undergone significant changes in the last two years, including the implementation of various cost-saving measures and a complete overhaul of its executive team.
In an effort to bolster its working capital, the company announced an equity raise of A$30 million ($19.52 million). Additionally, Appen disclosed an additional $14 million in cost reduction, bringing its total cost-saving initiatives for the year to $60 million.
For the ten months ending on October 31, 2023, Appen reported a decline of over 29% and 32% in revenue and gross profit, respectively, with figures standing at $223 million and $80 million.