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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241017922928/en/
Contacts
InvestorRelations@shiftpixy.com
800.475.3655
