ShiftPixy, Inc. (NASDAQ:PIXY) shares are trading higher on Thursday after the company announced its acquisition of TurboScale.
TurboScale is an AI technology company focused on scalable GPU cloud infrastructure and the deployment of AI models.
This acquisition will allow ShiftPixy to introduce enhanced AI-powered features, such as real-time predictive analytics and machine learning-driven automation, to streamline workforce management.
ShiftPixy has structured the $150 million deal to include $75 million in stock and $75 million in debt.
This acquisition highlights ShiftPixy's focus on artificial intelligence and strengthens its platform capabilities by integrating TurboScale's advanced AI solutions.
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"We are excited to welcome TurboScale into the ShiftPixy ecosystem. Their groundbreaking AI infrastructure will amplify our capabilities and unlock new possibilities for our clients," said Scott Absher, CEO of ShiftPixy.
The company expressed that, together, they are poised to deliver advanced workforce management tools and innovative, AI-driven solutions for businesses aiming to scale.
ShiftPixy anticipates accelerated growth and innovation following the acquisition, with plans to roll out new AI-driven tools by early 2025.
According to Benzinga Pro, PIXY stock has lost over 97% in the last year.
In September, the firm announced a one-for-fifteen (1:15) reverse split of the issued and outstanding shares, which was effective at market open on Nasdaq on October 14, 2024.
Price Action: PIXY shares are trading higher by 149.8% to $13.74 premarket at last check Thursday.
Photo via MidJourney
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