AI Software Shares Gain. AppLovin up 13%; Palantir up 5%; The Trade Desk up 3%; SoundHound AI up 2%
AI software shares gained in premarket trading. AppLovin up 13%; Palantir up 5%; The Trade Desk up 3%; SoundHound AI up 2%.
AppLovin Corp. agreed to sell its video-games unit to London-based Tripledot Studios to focus on its advertising technology business.
The Palo Alto, California-based marketing company is receiving $400 million in cash and a 20% stake in Tripledot, according to a filing on Wednesday.
Chief Executive Officer Adam Foroughi told investors in February that the company had “never been a game developer at heart” and disclosed that it was in exclusive talks to sell the mobile games unit to a then-unnamed private company.
Tripledot Studios, founded in 2017, makes popular mobile games including Woodoku and Solitaire. In 2022 it raised $116 million at a $1.4 billion valuation, according to TechCrunch.
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