KUALA LUMPUR, Aug 26 -- Appen Limited, the leading provider of high-quality training data for organisations that build effective AI systems at scale, announced it has signed a definitive agreement to acquire Quadrant, a global leader in mobile location data, Point-of-Interest data, and corresponding compliance services.
Quadrant and Appen’s unified business will be strongly positioned to deliver high-quality data to organisations that rely on geolocation for their business, according to a statement.
“The acquisition of Quadrant enables Appen to increase our addressable market and to expand our product and service offering to our customers to include more mobile location and POI data capabilities,” said Appen’s Chief Executive Officer (CEO), Mark Brayan.
Meanwhile, Quadrant CEO, Mike Davie said: “The shared vision of Quadrant and Appen to improve solutions with strong data is an exciting next step, enabling our clients to solve big problems that matter.”
To acquire 100 per cent of the share capital of Quadrant, Appen will make an upfront cash payment of US$25 million and a potential additional payment of up to US$20 million in Appen shares to be issued upon achieving revenue milestones in 2022 and 2023. (US$1 = RM4.195)
Quadrant’s Geolancer product, delivering accurate, up-to-date, and manually verified POI data, will expand its global reach and scale by tapping into Appen’s global crowd of over one million workers in over 170 countries.
Founded in 2014, Quadrant provides mobile location data, POI data, and data compliance services that enable enterprise customers to perform location analytics and derive location-based intelligence.
Leveraging technology, expertise, and the global crowd, Appen gives leaders in technology, automotive, financial services, retail, healthcare, and governments the confidence to deploy world-class AI products.
-- BERNAMA
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