ShiftPixy Shares Rise 79% After Deal for AI-Technology Company TurboScale

Dow Jones

2024/10/18

By Chris Wack

Shares of ShiftPixy were up after the company said it bought AI-technology company TurboScale in a $150 million transaction.

ShiftPixy's stock rose 79%, to $9.86, in midday trading Thursday. It has been down about 88% year-to-date.

The Miami-based company said the transaction included $75 million in stock and $75 million in debt.

It said TurboScale's AI platform can be tailored to meet the needs of each customer.

ShiftPixy intends to integrate TurboScale's advanced GPU cloud and AI technology into its staffing-efficiency technology to improve labor forecasting, and offer advanced AI-driven workforce technology for clients across multiple industries.

ShiftPixy expects to see accelerated growth following the acquisition, with plans to roll out new AI-driven tools by early 2025.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 17, 2024 14:01 ET (18:01 GMT)

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