Sonos Announces Acquisition of Snips
November 20 2019 - 4:06PM
Business Wire
Addition of talent and technology that will
elevate the voice experience on Sonos
Sonos, Inc. (Nasdaq: SONO) today announced the acquisition of
Snips SAS (“Snips”), an AI voice platform for connected devices
that provides private-by-design voice technology. The acquisition
will bring a talented group of employees and strategic IP to Sonos
to make the voice experience on Sonos even better.
Founded in 2013 and based in Paris, France, the Snips team,
comprised of over 50 talented engineering, machine learning and
product development professionals, has built a leading platform and
tools for creating tailored voice experiences. Its full-stack
solution is built with proprietary technology allowing for voice
processing on the device. This localized processing maximizes
accuracy, efficiency and privacy while minimizing footprint and
cloud dependency. Snips’ voice assistants are custom-built for
specific tasks and designed to run alongside other general purpose
voice assistants currently on the Sonos platform.
“Millions of people have come to enjoy the ease of controlling
music with their voice. Today’s announcement gives us the added
talent and technology to create an even more differentiated and
immersive experience for customers, both inside and outside of the
home,” said Patrick Spence, CEO of Sonos. “We’re excited to welcome
an incredible Snips team to the Sonos family to help bring this
vision to life.”
Dr. Rand Hindi, co-founder and CEO, said, “I am extremely proud
of the team and the work we have accomplished over the last five
years. The technology we have created has been validated by one of
the leaders in consumer electronics. I am thrilled that, joining an
international company, Snips will continue its operations in
France, helping French technologies succeed at an international
level.”
Joseph Dureau, CTO of Snips, said, “We are thrilled to join
forces with Sonos, a company that shares our core values, to
continue our work and take private-by-design voice experiences to a
truly global audience. We see an exciting future together as we
integrate our IP and platform with Sonos, knowing it shares our
dedication to building great experiences for customers without
asking them to sacrifice privacy.”
Under the terms of the agreement, Sonos acquired Snips for
approximately $37.5 million, subject to purchase price adjustments
and holdbacks. The transaction closed on November 14, 2019.
About Sonos
Sonos (Nasdaq: SONO) is one of the world’s leading sound
experience brands. As the inventor of multi-room wireless home
audio, Sonos innovation helps the world listen better by giving
people access to the content they love and allowing them to control
it however they choose. Known for delivering an unparalleled sound
experience, thoughtful home design aesthetic, simplicity of use and
an open platform, Sonos makes the breadth of audio content
available to anyone. Sonos is headquartered in Santa Barbara,
California. Learn more at www.sonos.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191120005767/en/
For investors: Cammeron McLaughlin IR@sonos.com
For media: Tom Lodge PR@sonos.com
Sonos (NASDAQ:SONO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sonos (NASDAQ:SONO)
Historical Stock Chart
From Apr 2023 to Apr 2024