Veritone Is ‘VERI’ Serious About Accelerating AI Business; Sells Media Agency for Up to $104M
    Veritone Is ‘VERI’ Serious About Accelerating AI Business; Sells Media Agency for Up to $104M
    PRISM View

    October 22, 2024 - by Ashlee Vogenthaler

    Veritone Is ‘VERI’ Serious About Accelerating AI Business; Sells Media Agency for Up to $104M

    22 October 2024

    New York, October 22, 2024 - PRISM MarketView - PRISM AdTech and Media Index company Veritone (VERI), has announced the sale of its media agency, Veritone One, LLC to Insignia Capital Group as it continues to focus on being a leader in human-centered enterprise AI solutions.

    Veritone, Inc. - Prism MarketView

    Veritone (Nasdaq: VERI) is a leading provider of artificial intelligence (AI) technology and solutions. The company’s proprietary operating system, aiWARE™,

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    The total consideration for the sale is up to $104M million, subject to customary adjustments, including up to $18M in cash contingent on Veritone One meeting specific net revenue targets during the 2025 calendar year. Veritone intends to use the net proceeds to significantly reduce its term debt and fund future operations. This transaction strengthens Veritone’s balance sheet and liquidity, enabling the company to focus on accelerating the growth of its enterprise AI software and solutions, powered by its proprietary aiWARE platform. This strategic shift aims to enhance long-term shareholder value and position Veritone for continued success in the AI sector.

    “Divesting our legacy media agency is a transformative step in Veritone’s mission to drive growth and sharpen our focus on enterprise AI. When I became CEO, the goal was clear—streamline operations, improve financials, and focus on what we do best: AI software and services. As we approach the end of fiscal 2024, we’re in an excellent position to capitalize on the growing demand for AI and leverage the strength of Veritone’s aiWARE platform, applications, and solutions. This divestiture is not just a step forward; it’s a pivotal moment that unlocks significant value for our shareholders and solidifies our leadership in delivering cutting-edge AI at scale. I couldn’t be more excited about our future.”

    Ryan Steelberg, CEO & President of Veritone

    Canaccord Genuity acted as the financial advisor, and Cooley LLP served as legal counsel to Veritone in the transaction.
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