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Appen Announces to Acquire Figure Eight Launch Capital Raising

11 Mar 2019  |  08:56:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Appen to Acquire Figure Eight & Launch Capital Raising

Appen entered into a binding agreement to acquire San Francisco-based Figure Eight Technologies. It has executed a binding agreement to acquire Figure Eight for total upfront consideration of US$175m, subject to certain purchase price adjustments at completion (including for working capital). This represents a 5.7x multiple of FY 2018 revenue. It has also agreed to pay the vendors earn-out consideration capped at US$125m payable in March 2020, based on Figure Eight's achievement of incremental FY 2019 subscription revenue targets.

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