Appen Will Acquire Figure Eight for $300 Million

Appen Will Acquire Figure Eight for $300 Million

Business

Recently, Appen announced that it is going to buy Figure Eight for up to $300. The deal will be an all-cash deal according to which Appen will pay $175 million in advance. The company will pay up to $125 million to Figure Eight depending upon its last year’s functioning. Appen Limited is a global company which offers high-quality, human-annotated datasets for machine learning and artificial intelligence. On the other hand, Figure Eight is a top rated machine learning software platform. It transforms unclassified data like text, image, audio, and video into high-quality AI training data by using highly automated tools.

The deal between two will blend their various aspects. The outcome will be a combination of Appen’s scale, quality, and language with Figure Eight’s innovative data annotation platform. As a result, the solution will be a unique collection of end-to-end training data. Thus the new integrated platform will bestow the heightening mass, quality, and speed requirements for training data. The obtained data will be used to assist and promote machine learning and artificial intelligence. Both companies primarily aim to use crowdsourced labor pools to label data, that can be used to train AI and machine learning. Appen is a Sydney based company listed on the Australian Securities Exchange (ASX: APX).

The company successfully delivers its customers of about 1 million contractors, functioning in around 180 languages across 130 nations. According to Mark Brayan, Appen CEO, the company’s crowd of more than 1 million remote workers is highly supportive for Figure Eight. He complimented the platform for its data labeling and automatic features. Brayan added they now have the best of both industries. They will collectively meet and move forward to fulfill the customer’s requirements. Brayan said, they know that to battle and proficiently deliver even higher volumes, the companies require the best fleet of technologies. There arrives Figure Eight in the picture. As per Appen, Figure Eight is leading in the market of the platform providers. Before this purchase, Appen acquired Leapforce in 2017. It is also one of the data annotation company.

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