Yahoo to Spin Out Vespa, Its AI Business
October 04 2023 - 8:50AM
Dow Jones News
By Will Feuer
Yahoo plans to spin out Vespa, its enterprise platform that
helps customers use artificial intelligence to leverage their data
online.
The move will broaden Vespa's potential customer base, Yahoo
said. The business already counted Spotify, Wix and others,
including major financial institutions, as customers.
Yahoo will remain Vespa's biggest customer and keep a stake in
the business. Yahoo also will hold a seat on Vespa's board.
"We'll continue to leverage all that Vespa has to offer while
simultaneously creating a new business opportunity that allows
other companies to harness its technology as an independent
entity," Yahoo Chief Executive Jim Lanzone said.
In 2021, cell carrier Verizon struck a deal to sell Yahoo to
private-equity firm Apollo Global Management. Apollo owns a 90%
stake while Verizon retained a 10% stake.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
October 04, 2023 09:35 ET (13:35 GMT)
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