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On September 23, 2024, multilingual transcription and captioning provider AI-Media (AIM) published an announcement (PDF) about the retirement of CFO John Bird and the appointment of Jason Singh as his successor, effective October 14, 2024.
The pivot to a SaaS-driven business model is paying off for AI-Media, led by LEXI, an automated live captioning offering enabled by the company’s acquisition of EEG in 2021.
Co-founder and CEO Tony Abrahams praised Bird’s contributions, who joined the company at the time they began considering the EEG acquisition.
Abrahams said of his colleague that “it’s a testament to his professionalism that, in the three years following the acquisition, we successfully transformed AIM from a Services company into a technology partner for the entire industry, including erstwhile competitors.”
According to the announcement, Bird’s time at the company was marked by revenue growth of AUS 17m (USD 11.6m), reaching AUS 66m (USD 45.3). EBITDA improved by AUS 13m (USD 8.9m), as the company recovered from an AUS 9m (USD 6.1) loss in FY21 to an AUS 4m (USD 2.7m) profit in FY24.
Abrahams also highlighted Bird’s role in key strategic projects, including upgrading the New York production facility and securing key customers like Verbit and 3Play. He will remain with the company until the end of 2024.
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Optimistic Projections
Jason Singh brings many years of experience as a CFO to AI-Media. He previously held CFO roles at both private and public international companies, including AI tech company Clear Dynamics, where he worked before joining AI-Media.
Abrahams expressed confidence in Singh’s ability to drive AI-Media’s growth, stating that “His extensive experience in SaaS and strategic expertise with growth-focused technology companies will be crucial as we pursue our 5-year aspirational target of achieving $60 million [USD 41.1m] in EBITDA by FY29. Jason will help us expand into new markets, industries, and AI products.”
The Australian company, whose total revenues are up by 7% for FY24 compared to FY23, shifted to a SaaS business model in 2023. The company’s AI LEXI offering is delivered via the iCAP solution and is used by major broadcasters and transcription companies in multiple countries.
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