By Will Feuer

Yahoo plans to spin out Vespa, its enterprise platform that helps customers use artificial intelligence to leverage their data online.

The move will broaden Vespa's potential customer base, Yahoo said. The business already counted Spotify, Wix and others, including major financial institutions, as customers.

Yahoo will remain Vespa's biggest customer and keep a stake in the business. Yahoo also will hold a seat on Vespa's board.

"We'll continue to leverage all that Vespa has to offer while simultaneously creating a new business opportunity that allows other companies to harness its technology as an independent entity," Yahoo Chief Executive Jim Lanzone said.

In 2021, cell carrier Verizon struck a deal to sell Yahoo to private-equity firm Apollo Global Management. Apollo owns a 90% stake while Verizon retained a 10% stake.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

October 04, 2023 09:35 ET (13:35 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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