Apis Capital Management acquired Veritone, a Costa Mesa, California-based software company, for $198m. Apis is to acquire, through its private equity fund Apis Ventures, all of the outstanding shares of Veritone for $10.26 per share. This offer represents a 93% premium over the closing price of Veritone Common Stock on December 4, 2018. “We have determined it is necessary to take our offer directly to Veritone stockholders in order to deliver significant value to them as expeditiously as possible,” said Managing Partner of Apis Capital Management, Dr. Edgar Radjabli. “This compelling transaction would deliver immediate liquidity to Veritone stockholders, at a premium to Veritone’s prospects as a stand alone company. Veritone shareholders have seen the management of the company unable to deliver value since its IPO, nor has management been able to provide a compelling vision for a turnaround in the company’s business, and we believe our proposal represents the best possible outcome.” Dr. Radjabli concluded, “We are committed to completing this transaction and remain willing to work cooperatively with Veritone. Our vision for the company involves significant synergy with our growing portfolio of AI and machine learnings investments, opening up new opportunities for Veritone’s technology.”