BigBear.ai, Inc. BBAI shares are trading higher on Monday. The company announced it will acquire Vision AI leader, Pangiam Intermediate Holdings, LLC.
What To Know: The all-cash transaction will total approximately $70 million and is anticipated to close in the first quarter of 2024.
Pangiam's facial recognition and advanced biometrics are expected to complement BigBear.ai's computer vision proficiencies.
"Vision AI has long been considered the holy grail of applied AI because of its potential to perceive and interact with the world in a human way," said Mandy Long, CEO, BigBear.ai.
"BigBear.ai's acquisition of Pangiam will create a full-vision AI portfolio – among the first in the industry – leveraging near-field vision AI in support of localized environments and far-field vision AI in support of global scale environments. The integration of these two businesses will result in significant operational benefits for our shared customers."
The news comes ahead of BigBear.ai's third-quarter earnings report, scheduled for Nov. 7. The company is expected to report earnings of losses of seven cents per share and revenue of $41.74 million.
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BBAI Price Action: Shares of BBAI were up 4.24% at $1.50 at the time of publication, according to Benzinga Pro.
Image by Vicki Hamilton from Pixabay
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