24/7 Market News Snapshot 17 October, 2024 – ShiftPixy, Inc. Common Stock (NASDAQ:PIXY)
DENVER, Colo., 17 October, 2024 (247marketnews.com) – (NASDAQ:PIXY) are discussed in this article.
ShiftPixy, Inc. is experiencing a remarkable surge in market activity, having seen its stock price soar by 174.73% during pre-market trading, reaching $15.11 from a previous close of $5.50. This significant rise reflects a growing investor confidence in the company, buoyed by a current trading volume of 1.16 million shares. The upward trend indicated by technical analysis suggests a continued bullish momentum, captivating the interest of traders and signaling a pivotal moment for ShiftPixy.
In alignment with this market enthusiasm, ShiftPixy has made headlines with its strategic acquisition of TurboScale, an AI technology firm known for its cutting-edge GPU cloud infrastructure and AI model deployment services, in a deal valued at $150 million. This acquisition, consisting of $75 million in stock and $75 million in debt, is a testament to ShiftPixy’s commitment to integrating advanced technologies that transform workforce management in the Gig Economy.
TurboScale’s sophisticated solutions enable organizations to effectively deploy and scale AI models, providing highly configurable virtual machines and private cloud options. This technology integration is expected to enhance ShiftPixy’s capabilities in staffing efficiency, labor forecasting, and AI-driven workforce solutions across various sectors.
CEO Scott Absher expressed enthusiasm regarding the acquisition, highlighting its potential to innovate workforce management tools. He reiterated the intent to enhance services through the implementation of state-of-the-art AI solutions. TurboScale’s CEO, Chandler Song, additionally emphasized the synergy of AI and human intelligence in fostering productivity.
Together, this acquisition is a significant stride for ShiftPixy, which plans to launch enhanced AI features, including real-time predictive analytics and machine-learning-driven automation by early 2025, thus solidifying its position at the forefront of workforce automation and innovation in staffing solutions. The partnership showcases ShiftPixy’s dedication to revolutionizing the Gig Economy with intelligent, adaptable staffing solutions that meet the rapid evolutionary demands of the marketplace.