MIAMI–(BUSINESS WIRE)–This press release is issued to update and clarify statements made in the previous release dated October 17, 2024. ShiftPixy, Inc. (Nasdaq: PIXY), 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, announced that on October 16, 2024, it entered into a non-binding Letter of Intent (“LOI”) to acquire TurboScale, a cutting-edge AI technology company specializing in scalable GPU cloud infrastructure and AI model deployment, for a purchase price of $150 million. The deal, structured as $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. The completion of the acquisition is subject to the negotiation of definitive agreements and other customary closing conditions, including board and shareholder approval and completion of an examination period. There is no assurance the acquisition will be completed on the terms contemplated in the LOI, or at all.
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. ShiftPixy believes that, if this acquisition is completed, by integrating TurboScale’s advanced GPU cloud and AI technology, ShiftPixy could potentially enhance its ability to optimize staffing efficiency, improve labor forecasting, and offer advanced AI-driven workforce solutions for clients across multiple industries.
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.
