appen logo square - Appen acquires Figure Eight for up to $300M, bringing two data annotation companies together.
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Appen acquires Figure Eight for up to $300M, bringing two data annotation companies together.

So Appen have just announced that it acquiring Figure Eight for an insane $300 million in an all- cash deal, Appen is reported to have paid $175 million upfront with an additional payment of up to $125 million based on Figure Eight’s performance this year.

Appen acquires Figure Eight for up to $300M, bringing two data annotation companies together. | $300 million, acquisition, appen, data annotation, figureight

We know that both companies are focused on crowdsourcing to annotate data, for example, Figure Eight says its technology has been for everything from mapping to stock photography to scanning receipts for expense reports.

Appen, on the other hand is a publicly-traded company headquartered in Sydney. CEO Mark Brayan described its technology and its “crowd” of more than 1 million remote workers as “highly complementary” to Figure Eight, which he praised for its data annotation and self-serve capabilities( Aww.. they are getting along already). Bryan said in a statement that “We know that to compete and to be able to deliver even higher volumes, we need a richer set of technologies,” That’s where Figure Eight comes in. They are, in our view, the leader in the market of the platform providers.”( i’m guessing this two are gonna get along just well).

Appen acquires Figure Eight for up to $300M, bringing two data annotation companies together. | $300 million, acquisition, appen, data annotation, figureight

Recall Appen acquired another data company leapforce back in 2017 with as we all know helped them boost and scaled up the company. Bryan went on to say that “The Figure Eight acquisition is the next step of our evolution,Step one was to get bigger, step two is to become much more tech forward, which is what we get with Figure Eight.”

Appen acquires Figure Eight for up to $300M, bringing two data annotation companies together. | $300 million, acquisition, appen, data annotation, figureight

in response to this, figure eight co-founder said “I’m extremely proud of the team,“This is a genuine validation of everything we’ve achieved and a great platform for our teams to combine and continue to do amazing things in AI.”

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Emmanuel
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