ShiftPixy more than triples on $150 mln deal for AI firm TurboScale

ShiftPixy

17/10/2024 13:24

** Shares of employment service firm ShiftPixy  PIXY.O  more
than triples to $18.10 premarket 
    ** PIXY to buy TurboScale, an AI technology company
specializing in scalable GPU cloud infrastructure and AI model
deployment, in a $150 million deal
    ** The transaction includes $75 million in stock and $75
million in debt 
    ** ShiftPixy says this deal allows it to introduce real-time
predictive analytics and machine learning-driven automation to
streamline workforce management
    ** Company anticipates accelerated growth and innovation
following the acquisition, with plans to roll out new AI-driven
tools by early 2025
    ** Up to Wednesday's close, stock had fallen 93% so far this
year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))