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Nov 10 (Reuters) - Enterprise artificial intelligence software provider C3 AIAI.N is exploring a potential sale, among other options, after founder Thomas Siebel recently stepped down as CEO over health concerns, according to three people familiar with the matter.
THE DETAILS
The sales process is in its early stages and other options are on the table, including raising funds from private investors, said the people, who asked not to be named to discuss confidential matters.
Redwood City, California-based C3 provides a platform for customers like Shell and the U.S. Air Force to develop and operate large-scale artificial intelligence applications.
Its AI tools are used across the U.S. government as well as the energy and manufacturing sectors, making it a smaller rival to Palantir TechnologiesPLTR.O.
C3 AI did not immediately respond to a request for comment.
THE NUMBERS
C3 has a market value of about $2.15 billion.
C3 AI's stock has fallen more than 54% year-to-date amid worsening financial performance and uncertainty over its strategy and leadership.
The company reported a net loss of $116.8 million, or 86 cents per share, for its fiscal first quarter ended July 31.
Revenue fell 19% to $70.3 million from $87.2 million during the same quarter a year ago.
C3 AI also withdrew its full-year financial outlook when it reported earnings on September 3, which it attributed to the CEO change and a restructuring of its sales and services operations.
THE PEOPLE
Salesforce veteran Stephen Ehikian succeeded Siebel as CEO on September 1.
Siebel, who had transitioned to executive chairman in July, said he had an autoimmune disease that caused "significant visual impairment."
Siebel is best known for founding Siebel Systems, which he sold to Oracle in 2005 for $5.85 billion.
The company's board includes former U.S. Secretary of State Condoleezza Rice, Fortune CEO Alan Murray, and Bruce Sewell, Apple's former general counsel and secretary, among other prominent figures in finance and technology.
Posted In: AI
