Adobe to host webcast of investor event » 12:5507/2307/23/21
Adobe to host webcast of investor event » 04:5507/2307/23/21
Craig-Hallum raises Veritone to Hold, sees PandoLogic greatly improving finances » 14:3607/2207/22/21
As previously reported,…
As previously reported, Craig-Hallum analyst Chad Bennett upgraded Veritone to Hold from Sell with a price target of $20, up from $15, after the company announced an agreement to acquire PandoLogic for $150M. Veritone is "paying a remarkably low multiple" to add a recurring software business growing at a 100% compound annual growth rate with 50% EBITDA margin, said Bennett, who said the deal looks like it is "likely the most favorable transaction we have ever seen in software." While "cautiously optimistic" about the acquisition, he will need to see it play out to get real confidence in the potential pro-forma financials, added Bennett.
Veritone upgraded to Hold from Sell at Craig-Hallum » 14:3007/2207/22/21
Craig-Hallum analyst Chad…
Craig-Hallum analyst Chad Bennett upgraded Veritone to Hold from Sell with a price target of $20, up from $15.
PandoLogic deal 'adds a lot of opportunity' for Veritone, says Roth Capital » 12:1707/2207/22/21
Roth Capital analyst…
Roth Capital analyst Darren Aftahi said Veritone's deal to buy PandoLogic brings a new line of high-margin, SaaS revenue and "adds a lot of opportunity and cash flow." The price with earnouts of $150M "seems like a great value" from Veritone's side, added Aftahi, who has a Buy rating and $50 price target on Veritone shares.
Adobe to host webcast of investor event » 10:4507/2207/22/21
Veritone trading resumes 07:3507/2207/22/21
Veritone acquires PandoLogic in 'immediately accretive' deal for $150M » 07:1707/2207/22/21
Veritone announced it…
Veritone announced it signed a definitive agreement to acquire PandoLogic. Total consideration of $150M on a cash and debt free basis, payable in Veritone cash and stock, with performance earnouts through fiscal 2022. This values the transaction at approximately three times PandoLogic's expected 2021 GAAP revenues. The acquisition is expected to be immediately accretive, with PandoLogic generating over $50Mn in SaaS and related GAAP revenues and over $25M of EBITDA on a pro forma 2021 basis. PandoLogic utilizes AI to accelerate the time and improve the efficiency in the process for employers hiring at scale for both mass market and difficult-to-source candidates. PandoLogic's fully autonomous recruiting platform helps employers source talent faster and more efficiently with predictive algorithms, machine learning and AI. ..Total consideration for the acquisition of PandoLogic is $150M, consisting of upfront payments of $50M cash and $35M in Veritone stock. The remaining 43%, or $65 million in cash and stock, is payable based on earnouts tied to financial performance in fiscal 2021 and 2022. Under the terms of the agreement, Veritone will issue stock consideration valued up to $56.7 million, or 2.8 million shares of Veritone common stock, which are subject to certain trading and registration restrictions. The transaction, subject to customary domestic and Israeli closing conditions, is expected to close late in the third quarter of 2021, with the cash consideration being paid from Veritone's existing reserves. PandoLogic will become a wholly owned subsidiary of Veritone, operating in Israel. Management plans to update Veritone's guidance on August 3 when it releases its second quarter 2021 results.
Veritone trading halted, news pending 07:0007/2207/22/21
Asana initiated with an Outperform at FBN Securities » 06:4507/2207/22/21
FBN Securities analyst…
FBN Securities analyst Shebly Seyrafi initiated coverage of Asana with an Outperform rating and $80 price target.