C3.AI in Talks to Merge with Startup Automation Anywhere

C3.AI, founded by tech industry veteran Thomas Siebel, is in talks to merge with privately held startup Automation Anywhere, which will effectively go public in the deal, according to people familiar with the discussions.

C3.AI, which sells AI to large companies and government agencies, was the first branded AI stock when it went public in 2020. It has struggled for several years amid the rise of generative AI and its market cap has slid to $1.7 billion, a tenth of its valuation six years ago. Automation Anywhere, a rival to UiPath, develops software for automating repetitive tasks inside businesses. If the deal materializes, Automation Anywhere would buy C3.AI and go public as a result, the people said.