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Australia's AI firm Appen mulls selling part or whole of business

(Reuters) - Australia's AI firm Appen said Tuesday it is mulling the sale of a part or whole of its business.

The machine learning and data solutions provider said that it has received no proposals for a deal so far but is open to engage with potential counterparties.

Appen, which was one of the world's largest AI training providers, has implemented a raft of cost-saving initiatives and has seen its executive team being entirely replaced over the last two years.

The company on Tuesday announced an equity raise of A$30-million ($19.52 million), aimed at boosting its working capital.

It also announced an additional $14 million of cost reduction, boosting its cost-saving initiatives this year to $60 million.

Appen's revenue and gross profit fell over 29% and 32% to $223 million and $80 million, respectively, for the 10 months ending Oct. 31, 2023.

($1 = 1.5366 Australian dollars)

(Reporting by Nausheen Thusoo in Bengaluru; Editing by Mrigank Dhaniwala)