Columbia-based BigBear.ai, a provider of artificial intelligence, machine learning, cloud-based big data analytics, and cyber engineering solutions; and GigCapital4, a Palo Alto, Calif.-based private-to-public equity (PPE) entity also known as special purpose acquisition company, announced the completion of their previously announced business combination.
Upon completion of the business combination, the combined company changed its name to BigBear.ai Holdings. BigBear.ai’s shares of common stock and warrants are expected to commence trading on the New York Stock Exchange on Dec. 8. The transaction values BigBear.ai at a $1.378 billion pro forma enterprise value.
Fueled by machine-driven analytics, BigBear.ai’s modular, end-to-end solutions transform raw data into knowledge, enabling enhanced decision-making in real-time. With well-established roots in the national security and defense space, BigBear.ai’s platform is battle-tested to perform in complex, real time environments, and its highly flexible solutions are highly applicable to the rapidly growing commercial market and state and local government sector.
The global AI and machine learning (ML) market, which is projected to grow at a compound annual growth rate of approximately 40 percent to $310 billion by 2026.