Veritone Stock Price, News & Analysis

Acacia Research Corporation announces the resignation of CFO Richard Rosenstein, effective January 27, 2023, to pursue another opportunity. Kirsten Hoover, Acacia's Corporate Controller, will serve as Interim CFO starting January 28, while the company searches for a permanent replacement. Rosenstein's departure is amicable and does not pertain to any disputes regarding the company's financial practices. Acacia plans to transition Rosenstein to a consulting role until April 30, 2023, as it continues to enhance its financial strategy.

Veritone (NASDAQ: VERI) has partnered with Cameo to launch Cameo Kids, a platform allowing personalized video messages featuring popular children's characters like Blippi and CoComelon. Utilizing Veritone's AI technology, this service enhances fan engagement by enabling brands to scale personalized experiences without manual recording. Veritone's AI voices, including characters and a Santa Claus, will be included in the Cameo Kids offering. This collaboration aims to diversify revenue streams for IP owners and create new opportunities in family entertainment.

Veritone, Inc. (NASDAQ: VERI) announced a deal to repurchase approximately 30% of its outstanding 1.75% Convertible Senior Notes due 2026, amounting to $60 million in principal. The cash repurchase price is expected to be around $38 million, determined based on stock price fluctuations and accrued interest. The transaction is set to close around December 16, 2022. Post-repurchase, about $141 million of the Notes will remain outstanding, potentially affecting VERI's stock market price.

Veritone (NASDAQ: VERI) has announced a partnership with Alan Smith, a renowned sports commentator, to utilize AI voice technology for covering prestigious football tournaments. This collaboration combines Veritone’s synthetic voice capabilities with Stats Perform’s Opta sports data, enabling real-time sports commentary in multiple languages. Through this innovation, fans can access personalized, engaging game updates, enhancing their viewing experience. Veritone also launched SPORTX, an intelligent marketplace for short-form sports videos, expanding its reach in the sports sector.

Veritone, Inc. (NASDAQ: VERI) has partnered with OR Media, a British production company, to launch Orchard Clips, a clip-licensing business. Utilizing Veritone's AI-powered Digital Media Hub, OR Media aims to enhance access to high-quality archival footage for broadcasters in English and Arabic. The collaboration is expected to activate dormant assets and generate new revenue opportunities. Veritone's platform will now also be available in Arabic, catering to the Middle Eastern market, which is pivotal given the region's growing demand for quality video content.

Veritone, Inc. (NASDAQ: VERI) reported a robust Q3 2022 with revenue soaring 64% year-over-year to $37.2 million. Driven by a significant 131% surge in Software Products & Services, and a 20% increase in Managed Services, new bookings skyrocketed 393% to $16.5 million. Despite a GAAP net loss of $4.9 million, a substantial decline from $11.5 million the prior year, cash reserves grew to $196.1 million. Ryan Steelberg will become CEO on January 1, 2023, as Chad Steelberg transitions to Chairman of the Board.

Veritone, Inc. (NASDAQ: VERI) has entered a strategic master reseller agreement with Deloitte to enhance its AI practice, expanding their existing eDiscovery-focused partnership. This agreement allows Deloitte to leverage Veritone's aiWARE platform for managing vast amounts of structured and unstructured data. The integration aims to improve capabilities in managing audio, video, and text data efficiently, facilitating rapid access to AI models and enhancing clients' AI transformation journeys.

Veritone, Inc (NASDAQ: VERI) reported an 80% surge in the adoption of its Veritone Contact application among California law enforcement agencies in 2022. This growth stems from the implementation of the California AB 953 Racial and Identity Profiling Act, enhancing transparency and efficiency in data collection. Estimated annual savings include 300,000 hours in data collection and $30 million in officer time. Agencies report up to 75% more efficiency compared to previous solutions.