Veritone Inc. (NASDAQ:VERI), just like other companies, experienced a tough fourth quarter, especially in the equity market. On the contrary, the revenue performance for the company is expected to hit another record high. According to a statement from Veritone, revenue for Q4 2018 will, expectedly, beat guidance.
The AiWare platform is the real deal
Veritone provides artificial intelligence solutions and technology to a wide variety of customers. Recently, the company upped its products that target law enforcement agencies, both in the U.K and the U.S. Notably, the company developed aiWare which is an operating system for artificial intelligence applications. Interestingly, the firm expects the aiWare platform to drive a new wave of new pipeline products this year.
In particular, Veritone expects revenue for Q4 2018 to fall between $10.7 million and $10.9 million. This is against guidance which put expected revenues between $9.3 million and $9.7 million. Interestingly, this implies that Veritone is on course to achieve over 200% revenue increase compared to Q4 2017. Further, the company will report record numbers regarding revenue for the full year 2018.
On the other hand, the company experienced high growth regarding customers demanding aiWare platform. Notably, the firm netted a good number of Local and State Law Enforcement customers. Further, Veritone made a number of acquisitions, with the highlight being Wazee Digital. As such, the company was able to increase its revenue in the period to between 200% and 300%.
Apis’ unsolicited acquisition request
Interestingly, the company had a good year such that it received an unsolicited acquisition request from Apis Ventures LLC. In particular, the private equity fund proposes an acquisition in cash for $8 per every share. Being unsolicited, the company’s Board had to first convene to compose a comprehensive response to the request. Nonetheless, Veritone established that Apis lacks the financial depth and experience to execute such a transaction. In a statement, Veritone advised its shareholders to remain patient as the as the Board will respond in good time.
In regard to the developments, Chad Steelberg, Veritone’s Chairman and CEO said, “…even if Apis’ proposal had been credible, the level of such proposal is significantly below that which the Board believes would be in the best interests of Veritone’s stockholders.”