Winners and Losers: SA AI company rises on major appointment
Shares rallied in one South Australian artificial intelligence company after a big name in US tech was named the firm’s new ‘special advisor’.
Shares in ASX-listed Fortifai rose by more than 30 per cent last week after the company named a big player in the US tech space as its new special advisor to the board.
Former Cloudera and ArcSight CEO Tom Reilly was given the gig, which will involve assisting the Fortifai board with go-to-market initiatives.
Reilly has previously taken the two software companies public, both of which were later acquired.
He took ArcSight public in February, 2008, at US$9 per share. That security analytics business was sold to Hewlett-Packard two years later at US$43.50 per share – giving it a US$1.5 billion valuation at the time.
In 2017, Reilly took data platform Cloudera public at a US$1.9 billion valuation. It was eventually acquired for US$5.3 billion.
Reilly was issued shares as part of his appointment. While in the job, he will assist in the sales and marketing efforts of Fortifai’s NOL8 product.
The appointment pushed shares up by more than 30 per cent, putting it firmly on the Winners list for the week.
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And over the past year, shares in the business – formerly video game developer Mighty Kingdom – are up 60 per cent.
The full list of Winners and Losers for the week ended November 13:
Data via Baker Young Limited analysts.
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