Jan 27 (Reuters) - Enterprise artificial intelligence software provider C3.AI is in talks to merge with privately held startup Automation Anywhere, The Information reported on Tuesday, citing people
C3.AI in talks to merge with software company Automation Anywhere, The Inform...
C3.AI and Automation Anywhere Merger Insights
Jan 27 (Reuters) - Enterprise artificial intelligence software provider C3.AI is in talks to merge with software company Automation Anywhere, The Information reported on Tuesday, citing people familiar with the discussions.
If the deal materializes, Automation Anywhere would buy C3.AI and go public as a result, the report added.
Reuters could not immediately verify the report. C3.AI and Automation Anywhere did not immediately respond to a Reuters request for comment.
Details of the Proposed Merger
California-based C3 offers a platform that enables clients, including the U.S. Air Force, to develop and operate large-scale AI applications. Its AI tools are used across the U.S. government as well as in the energy and manufacturing sectors.
C3.AI's Recent Financial Performance
Automation Anywhere develops software to automate repetitive tasks. Private investors valued the company at $6.8 billion in 2019, according to The Information report.
Background on Automation Anywhere
Reuters reported exclusively late last year that C3.AI was exploring a potential sale, among other options, after its founder Thomas Siebel stepped down as CEO.
C3 AI's stock has fallen more than 59% in the last one year amid worsening financial performance and uncertainty over its strategy and leadership.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Rashmi Aich, Sherry Jacob-Phillips and Sonia Cheema)
