Figure Eight Technologies Inc.

It was announced that Appen Ltd has entered into a binding agreement to acquire Figure Eight Technologies Inc., a San Francisco, California-based online data collection and management platform operator. USD 175 million will be paid upfront while the expected earn out is capped at USD 125 million. It is subject to performance targets and will be paid in March 2020. Hence the maximum consideration is USD 300 million. The earn out will be funded by existing and new debt facilities while the upfront payment will be funded by the placement that Appen is holding concurrently. In addition, Appen intends to conduct a share purchase plan upon the completion of the placement. Expected completion of the acquisition will be in Late March or early April of 2019. The transaction also includes the sale of Figure Eight Technologies' patents.