Babbel Names New CEO for AI Age, Says IPO Is Off the Table
Babbel has positive cash flow and sufficient funds for growth, and an IPO is “not on the table now, especially given the markets,” Allen said in an interview.
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Babbel’s new chief executive officer said he’s focused on expanding the company’s language-learning product to include emerging artificial intelligence tools, and he doesn’t intend to revive its initial public offering.
Tim Allen, 47, takes over from co-founder Markus Witte, who was in the role on an interim basis, and replaces Arne Schepker, who left the company last year, Babbel said in a statement on Friday. Allen has previously been CEO of Vimeo, Ask.com and Care.com.