Appen, the company which offers various services around search and language data to technology through more than 1 million remote workers has acquired San Francisco-based Figure Eight, a platform which uses machine learning to provide customized high-quality training data.
Appen, as per various reports is taking control through an all-cash deal where the company is paying $175 million upfront and another additional payment of around $125 million, which may vary, depending upon the performance of the firm in 2019.
Figure eight was launched in 2007 by Chris Van Pelt and Lukas Biewald and had raised close to $60 million in investment from backers that includes names like M12, Trinity Ventures, Industry Ventures, Salesforce Ventures, Pormus Ventures, Canvas Ventures, and others. Appen, on the other hand, is listed company in the Australian stock exchange and was launched in 2011. Prior to this acquisition, Appen had acquired Leapforce, a job portal and Mendip Media Group, a company which offers secure transcription services in the E.U.
Mark Brayan, the CEO of Appen commenting on the deal said, “The union of Appen and Figure Eight creates a unique, exciting and powerful opportunity for our customers. We now have the best of both worlds: our highly efficient cloud management platform and scalable, skillful multilingual crowd, combined with Figure Eight’s innovative customer-facing SaaS platform with ML-assisted annotation. Combined, we’ll meet and exceed our customers’ scale, speed, and quality requirements.”
Lukas Biewald talking about the development said, “We’re very excited to be joining Appen. I’m extremely proud of the team. This is a genuine validation of everything we’ve achieved and a great platform for our teams to combine and continue to do amazing things in AI.”
Image Courtesy : Appen