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

Reuters

2024/10/17

** Shares of employment service firm ShiftPixy 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: ))

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