ShiftPixy, Inc. Announces Acquisition of TurboScale
17 Oktober 2024 - 2:00PM
Business Wire
ShiftPixy, Inc. (Nasdaq: PIXY) (“ShiftPixy” or the “Company”), a
Florida-based national staffing enterprise which designs, manages,
and sells access to a disruptive, revolutionary platform that
facilitates employment in the rapidly growing Gig Economy, today
announced its acquisition of TurboScale, a cutting-edge AI
technology company specializing in scalable GPU cloud
infrastructure and AI model deployment, in a $150 million
transaction. The deal, which was structured with $75 million
in stock and $75 million in debt underscores ShiftPixy’s
commitment to accelerating innovation through artificial
intelligence and enhancing its platform capabilities with
TurboScale’s advanced AI solutions.
TurboScale provides GPU-accelerated infrastructure, enabling
businesses to deploy and scale AI models effortlessly. Their
platform offers cost-efficient, highly configurable virtual
machines and private cloud solutions, tailored to meet the diverse
needs of enterprises, from small experiments to large-scale AI
deployments. By integrating TurboScale’s advanced GPU cloud and AI
technology, ShiftPixy will enhance its ability to optimize staffing
efficiency, improve labor forecasting, and offer advanced AI-driven
workforce solutions for clients across multiple industries.
“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. “Together, we are set to bring
cutting edge workforce management tools and provide innovative,
AI-powered solutions to businesses looking to scale.”
“TurboScale is extremely excited to partner up with ShiftPixy.
Ultimately, Artificial Intelligence has to work hand in hand with
human intelligence to help assist and accelerate our workforce
productivity. ShiftPixy provides a perfect platform for many use
cases of AI to blossom. The two companies plan to build training
and inference infrastructure for vertical AIs that include HR,
Sales, Customer Services, and many more,” said Chandler Song, CEO
of TurboScale.
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. TurboScale’s scalable solutions ensure that
businesses can leverage AI to its fullest potential, all while
maintaining flexibility and cost-efficiency. ShiftPixy anticipates
accelerated growth and innovation following the acquisition, with
plans to roll out new AI-driven tools by early 2025. This
partnership underscores ShiftPixy’s commitment to remaining at the
forefront of workforce automation and technological innovation,
creating more intelligent and agile staffing solutions for its
clients.
About ShiftPixy
ShiftPixy is a disruptive human capital services enterprise,
revolutionizing employment in the Gig Economy by delivering a
next-gen platform for workforce management that helps businesses
with shift-based employees navigate regulatory mandates, minimize
administrative burdens and better connect with a ready-for-hire
workforce. With expertise rooted in management’s more than 25 years
of workers’ compensation and compliance programs experience,
ShiftPixy adds a needed layer for addressing compliance and
continued demands for equitable employment practices in the growing
Gig Economy.
About TurboScale
TurboScale specializes in AI infrastructure solutions, offering
GPU-powered cloud services for AI model training and deployment.
With a focus on scalability, efficiency, and cost-effectiveness,
TurboScale empowers businesses to harness the full potential of AI
technology, from development to deployment.
Forward Looking Statements
Any statements contained in this presentation that do not
describe historical facts may constitute forward-looking
statements. Although such forward-looking statements are based upon
what management of the Company believes are reasonable assumptions,
there can be no assurance that forward-looking statements will
prove to be accurate. If any of the risks or uncertainties,
including those set forth below, materialize or if any of the
assumptions proves incorrect, the results of the Company, could
differ materially from the results expressed or implied by the
forward-looking statements we make. The risks and uncertainties
include, but are not limited to, risks associated with the nature
of the Company’s business model; the Company’s ability to execute
its vision and growth strategy; the Company’s ability to attract
and retain clients; the Company’s ability to assess and manage
risks; changes in the law that affect the Company’s business and
its ability to respond to such changes and incorporate them into
its business model, as necessary; the Company’s ability to insure
against and otherwise effectively manage risks that affect its
business; risks arising from the COVID-19 pandemic or any other
events that could cause wide-scale business disruptions;
competition; reliance on third-party systems and software; the
Company’s ability to protect and maintain its intellectual
property; and general developments in the economy and financial
markets. These and other risks are discussed in the Company’s
filings with the SEC, including, without limitation, its
Registration Statement and Prospectus on Form S-1, filed with the
SEC on June 28, 2024. The Company undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change, except as required by
applicable securities laws. The information in this presentation
shall not be deemed to be "filed" for the purpose of Section 18 of
the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section, and will not be deemed
an admission as to the materiality of any information that is
required to be disclosed solely by Regulation FD. Further
information on these and other factors that could affect the
financial results of the Company, is included in the filings we
make with the SEC from time to time. These documents are available
on the "SEC Filings" subsection of the "Investor Information"
section of the Company’s website at https://ir.shiftpixy.com, or
directly from the SEC’s website at https://www.sec.gov. Consistent
with the SEC’s April 2013 guidance on using social media outlets
like Facebook and Twitter to make corporate disclosures and
announce key information in compliance with Regulation FD, the
Company is alerting investors and other members of the general
public that the Company will provide updates on operations and
progress required to be disclosed under Regulation FD
through its social media on Facebook, Twitter, LinkedIn and
YouTube. Investors, potential investors, shareholders and
individuals interested in the Company are encouraged to keep
informed by following us on Facebook, Twitter, LinkedIn and
YouTube.
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