Veritone Announces the Divestiture of its Media Agency for up to $104 Million
Veritone has sold its media agency, Veritone One, to Insignia Capital Group for up to $104 million. The divestiture aims to focus Veritone's strategy as a leading enterprise AI software provider. Key points include:
1. Net proceeds will be used to retire a significant portion of Veritone's term debt and fund future operations.
2. The transaction strengthens Veritone's balance sheet and liquidity.
3. Veritone will concentrate on accelerating the growth of its enterprise AI software and solutions, powered by its aiWARE platform.
4. The company exits the divestiture with over 3,000 enterprise AI & software customers across commercial and public sectors.
5. Insignia Capital Group simultaneously acquired Oxford Road, another leading audio advertising agency.
CEO Ryan Steelberg stated that this move is transformative for Veritone's mission to accelerate growth and focus on enterprise AI, positioning the company to capitalize on the growing demand for AI solutions.
Veritone ha venduto la sua agenzia media, Veritone One, a Insignia Capital Group per un massimo di 104 milioni di dollari. Questa cessione ha lo scopo di indirizzare la strategia di Veritone come fornitore leader di software AI per imprese. I punti principali includono:
1. I proventi netti saranno utilizzati per ridurre una parte significativa del debito a lungo termine di Veritone e finanziare le operazioni future.
2. La transazione rafforza il bilancio e la liquidità di Veritone.
3. Veritone si concentrerà sull'accelerazione della crescita del suo software e delle soluzioni AI per imprese, sostenuta dalla sua piattaforma aiWARE.
4. L'azienda esce da questa cessione con oltre 3.000 clienti di software e AI per imprese in diversi settori commerciali e pubblici.
5. Insignia Capital Group ha acquisito simultaneamente Oxford Road, un'altra agenzia leader nella pubblicità audio.
Il CEO Ryan Steelberg ha dichiarato che questo passo è trasformativo per la missione di Veritone di accelerare la crescita e concentrarsi sull'AI per imprese, posizionando l'azienda per capitalizzare sulla crescente domanda di soluzioni AI.
Veritone ha vendido su agencia de medios, Veritone One, a Insignia Capital Group por hasta 104 millones de dólares. La desinversión tiene como objetivo enfocar la estrategia de Veritone como proveedor líder de software de IA para empresas. Los puntos clave incluyen:
1. Los ingresos netos se utilizarán para pagar una parte significativa de la deuda a largo plazo de Veritone y financiar operaciones futuras.
2. La transacción fortalece el balance y la liquidez de Veritone.
3. Veritone se concentrará en acelerar el crecimiento de su software y soluciones de IA para empresas, impulsadas por su plataforma aiWARE.
4. La empresa sale de la desinversión con más de 3,000 clientes de software e IA para empresas en los sectores comercial y público.
5. Insignia Capital Group adquirió simultáneamente Oxford Road, otra agencia líder en publicidad de audio.
El CEO Ryan Steelberg afirmó que este movimiento es transformador para la misión de Veritone de acelerar el crecimiento y centrarse en la IA para empresas, posicionando a la compañía para capitalizar la creciente demanda de soluciones de IA.
Veritone은 미디어 에이전시 Veritone One을 Insignia Capital Group에 최대 1억 4백만 달러에 판매했습니다. 이 매각은 Veritone이 주요 기업 AI 소프트웨어 제공업체로서의 전략에 집중하는 것을 목표로 하고 있습니다. 주요 내용은 다음과 같습니다:
1. 순수익은 Veritone의 장기 부채를 상당 부분 상환하고 향후 운영 비용에 사용될 것입니다.
2. 이번 거래는 Veritone의 대차대조표와 유동성을 강화합니다.
3. Veritone은 aiWARE 플랫폼을 통해 주도되는 기업 AI 소프트웨어와 솔루션의 성장을 가속화하는 데 집중할 것입니다.
4. 이 회사는 상업 및 공공 부문에서 3,000개 이상의 기업 AI 및 소프트웨어 고객을 확보하고 있습니다.
5. Insignia Capital Group은 동시에 또 다른 주요 오디오 광고 에이전시인 Oxford Road를 인수했습니다.
CEO Ryan Steelberg는 이번 결정이 Veritone의 성장 가속화 및 기업 AI 집중이라는 사명에 변화를 줄 것이며, AI 솔루션에 대한 증가하는 수요를 활용할 수 있도록 회사를 포지셔닝할 것이라고 밝혔습니다.
Veritone a vendu son agence média, Veritone One, à Insignia Capital Group pour un montant pouvant atteindre 104 millions de dollars. Cette cession vise à recentrer la stratégie de Veritone en tant que fournisseur de logiciels AI d'entreprise leader. Les points clés incluent :
1. Les produits nets seront utilisés pour rembourser une partie significative de la dette à long terme de Veritone et financer les opérations futures.
2. La transaction renforce le bilan et la liquidité de Veritone.
3. Veritone se concentrera sur l'accélération de la croissance de son logiciel AI d'entreprise et de ses solutions, propulsés par sa plateforme aiWARE.
4. L'entreprise sort de la cession avec plus de 3 000 clients AI et logiciels d'entreprise dans les secteurs commercial et public.
5. Insignia Capital Group a simultanément acquis Oxford Road, une autre agence leader dans la publicité audio.
Le PDG Ryan Steelberg a déclaré que cette démarche est transformative pour la mission de Veritone d'accélérer la croissance et de se concentrer sur l'AI d'entreprise, positionnant ainsi l'entreprise pour tirer parti de la demande croissante de solutions AI.
Veritone hat seine Media-Agentur, Veritone One, für bis zu 104 Millionen Dollar an die Insignia Capital Group verkauft. Die Veräußerung zielt darauf ab, die Strategie von Veritone als führenden Anbieter von Unternehmens-AI-Software zu fokussieren. Die wichtigsten Punkte umfassen:
1. Die Nettoproceeds werden verwendet, um einen signifikanten Teil der langfristigen Schulden von Veritone zu tilgen und zukünftige Operationen zu finanzieren.
2. Die Transaktion stärkt die Bilanz und Liquidität von Veritone.
3. Veritone wird sich darauf konzentrieren, das Wachstum seiner Unternehmens-AI-Software und -lösungen, die von der aiWARE-Plattform unterstützt werden, zu beschleunigen.
4. Das Unternehmen verlässt die Veräußerung mit über 3.000 Unternehmens-AI- und Softwarekunden in kommerziellen und öffentlichen Sektoren.
5. Insignia Capital Group hat gleichzeitig Oxford Road, eine weitere führende Audio-Werbeagentur, übernommen.
CEO Ryan Steelberg erklärte, dass dieser Schritt transformativ für Veritones Mission zur Beschleunigung des Wachstums und der Fokussierung auf Unternehmens-AI ist, wodurch das Unternehmen in der Lage ist, von der wachsenden Nachfrage nach AI-Lösungen zu profitieren.
- Divestiture of Veritone One for up to $104 million, strengthening balance sheet and liquidity
- Net proceeds to be used for debt reduction and funding future operations
- Strategic focus on enterprise AI software and solutions, powered by aiWARE platform
- Retention of over 3,000 enterprise AI & software customers across commercial and public sectors
- Potential for accelerated growth in the AI sector with improved financial position
- Loss of revenue stream from media agency business
- Earn-out portion of $18 million subject to Veritone One's future performance
Insights
Divestiture Focuses and Accelerates Strategy as a Leading Enterprise AI Software, Applications, and Services Provider
Advances Strategic Priorities to Deleverage and Optimize Balance Sheet, with a More Efficient Operating Cost Structure
Veritone Exits from the Divestiture with Over 3,000 Enterprise AI & Software Customers, across both Commercial & Public Sectors
Total consideration from the divestiture is up to
“Divesting our legacy media agency is a transformative and material move in Veritone's mission to accelerate growth and sharpen our focus on enterprise AI. When appointed as CEO, our goal was clear—streamline operations, bolster our financials, and zero in on what we do best: AI software and services. Now, as we near the close of fiscal 2024, we're in a prime position to capitalize on the booming demand for AI and leverage the strength of Veritone’s aiWARE platform, applications, and solutions. This divestiture isn’t just another step—it’s the inflection point that unlocks material value for our shareholders and solidifies our leadership in delivering cutting-edge AI at scale. I couldn't be more excited about where we're headed,” said Ryan Steelberg, CEO & President of Veritone.
Steelberg continued, “Today marks a pivotal moment for Veritone, reshaping our trajectory and positioning us for the next stage of growth. By leveraging our leading AI technology, industry expertise, and unique insights platforms, Veritone One grew into a leading performance audio and influencer agency in
In addition to acquiring Veritone One, Insignia Capital Group simultaneously acquired Oxford Road, another leading audio advertising agency. The two entities will operate independently in the near-term but will leverage their combined scale, technology, analytics platform and industry expertise to deliver unparalleled performance for their clients.
Canaccord Genuity served as the financial advisor and Cooley LLP served as legal counsel to Veritone for the Veritone One transaction.
About Veritone
Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the commercial and public sectors, Veritone’s software and services empower individuals at the world’s largest and most recognizable institutions and brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of cognitive and generative AI models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere.
To learn more, visit Veritone.com.
Safe Harbor Statement
This press release contains forward-looking statements, including without limitation, statements regarding Veritone’s ability to realize the anticipated benefits of the divestiture transaction, including improvement of Veritone’s balance sheet and overall liquidity, Veritone’s payoff of a significant portion of its term debt, Veritone’s ability to advance and grow its enterprise aiWARE platform, Veritone’s ability to drive long-term shareholder value, and Veritone’s ability to accelerate profitable growth. In addition, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “plan,” “outlook,” “should,” “could,” “estimate,” “confident” or “continue” or the plural, negative or other variations thereof or comparable terminology are intended to identify forward-looking statements, and any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements speak only as of the date hereof and are based on management’s current assumptions, expectations, beliefs, and information. As such, Veritone’s actual results could differ materially and adversely from those expressed in any forward-looking statement as a result of various factors and risks. Certain of these factors and risks are discussed in more detail in Veritone’s most recently-filed Annual Report on Form 10-K, Veritone’s most recently-filed Quarterly Report on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that Veritone’s objectives or plans will be achieved. The forward-looking statements contained herein reflect Veritone’s beliefs, estimates, and predictions as of the date hereof, and we undertake no obligation to revise or update the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events for any reason, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021743764/en/
Company:
Mike Zemetra
Chief Financial Officer
Veritone, Inc.
investors@veritone.com
IR Agency:
Cate Goldsmith
Prosek Partners
914-815-7678
cgoldsmith@prosek.com
Source: Veritone
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