Veritone Announces Restructuring Initiatives
February 21 2024 - 4:15PM
Business Wire
Veritone, Inc. (NASDAQ: VERI), a leader in enterprise AI
software and solutions, today announced that it has implemented
various restructuring initiatives with the purpose of optimizing
Veritone’s organizational structure and accelerating its path to
profitability. These initiatives, which began in January 2024,
include a workforce reduction that will impact approximately 14% of
Veritone’s worldwide workforce, with the majority of these
workforce actions being completed by the end of the first quarter
of 2024.
Veritone expects to incur up to $2.0 million in costs and
expenses as a result of these reductions, which is primarily
related to one-time severance, transition and termination-related
costs.
Management expects this reorganization will provide a more
efficient and effective structure to continue to drive its near-
and longer-term growth plans and leading AI software and solutions
innovation. The organizational restructuring is only one component
of a larger strategy focused on driving Veritone towards
profitability through a range of cost and revenue synergies that
will streamline operational efficiencies through continued
integration.
“The leadership team is taking decisive action to restructure
Veritone’s operating structure in order to align our AI-leading
strategy with market conditions to support long-term success,” said
Ryan Steelberg, Chairman and Chief Executive Officer of Veritone.
“Since my appointment as CEO a year ago, we have implemented and
delivered on our strategic priorities to focus Veritone for
profitable, sustainable growth. While the vision we laid out in
2023 remains, there is more work to be done to streamline our
organization so Veritone can capitalize on its next phase of
disruptive growth and the increased demand we are seeing.”
Veritone will provide an update to its financial outlook with
details on the initiatives during its fourth quarter and full year
2023 earnings call on Tuesday, March 12, 2024, at 4:30 p.m. ET.
About Veritone
Veritone (NASDAQ: VERI) designs human-centered AI solutions.
Serving customers in the talent acquisition, media, entertainment
and public sector industries, Veritone's software and services
empower individuals at many of the world’s largest and most
recognizable brands to run more efficiently, accelerate decision
making and increase profitability. Veritone’s leading enterprise AI
platform, aiWARE™, orchestrates an ever-growing ecosystem of
machine learning models that transforms data sources into
actionable intelligence. Guided by its commitment to responsible AI
use, Veritone blends human expertise with AI technology to advance
human potential and help organizations achieve more than ever
before.
To learn more, visit Veritone.com.
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Veritone: Investor Relations investors@veritone.com IR
Agency: Stefan Norbom Prosek Partners 203-644-5475
snorbom@prosek.com
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