Software provider Veritone explores potential sale | Tech News

Software provider Veritone explores potential sale

Veritone rose 6.7% to $30.86 at 10:41 am in New York on Tuesday, giving it a market value of $997 million.

By:BLOOMBERG
| Updated on: Aug 21 2022, 15:30 IST
Veritone announced a partnership with chipmaker Nvidia last month related to technology that’s intended to improve energy grids. 
Veritone announced a partnership with chipmaker Nvidia last month related to technology that’s intended to improve energy grids.  (Veritone)

Veritone, which makes operating systems to run artificial intelligence programs, is exploring options including a potential sale or outside investment after receiving takeover interest, according to people familiar with the matter.

The Newport Beach, California-based company is working with a financial adviser, said the people, who asked to not be identified because the matter isn't public. Larger technology companies are interested in investing hundreds of millions of dollars into the company or buying it outright, the people added.

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
34% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

The company would be interested in transactions valuing it at more than $70 a share, the people said. No final decision has been made and the company could opt to remain independent.

Also read
Looking for a smartphone? To check mobile finder click here.

Veritone rose 6.7% to $30.86 at 10:41 am in New York on Tuesday, giving it a market value of $997 million.

A Veritone representative declined to comment.

The company said last week that it expected to generate revenue of $76 million to $81 million this year, up from $58 million in 2020.

Veritone announced a partnership with chipmaker Nvidia last month related to technology that's intended to improve energy grids, a statement showed.

The company was founded by brothers Chad and Ryan Steelberg in 2014 and went public in 2017 on Nasdaq. It competes with c3.ai Inc., founded by former Oracle executive Tom Siebel.

 

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 09 Mar, 22:37 IST
Tags:
NEXT ARTICLE BEGINS