Veritone (VERI) said Tuesday it has sold its media agency, Veritone One, to Insignia Capital Group for a total consideration of up to $104 million.
Veritone said the deal will allow it to pay down debt and strengthen its balance sheet and to focus on its artificial intelligence software and services business.
The transaction includes up to $18 million in cash, contingent on revenue targets in 2025, Veritone said.
Shares of Veritone were up 2.2% in recent premarket trading.
Price: 4.2200, Change: +0.10, Percent Change: +2.43
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