Sonasoft Corp. (SSFT) Announces Letter of Intent to Acquire Cornerstone Technologies
January 04 2018 - 7:22AM
InvestorsHub NewsWire
SAN JOSE, Calif., Jan. 04, 2018 (NewMediaWire)
-- Sonasoft Corp. (OTCPK: SSFT), (the “Company”), a
leader in eDiscovery solutions and business continuity services, is
pleased to announce that it has signed a non-binding letter of
intent (LOI) with Cornerstone Technologies, to acquire Cornerstone
Technologies and all related interests and assets.
Based in the heart of Silicon Valley, Cornerstone Technologies
is a leading provider of engineering services focused on the
design, deployment, migration, and management of IT workloads for
enterprise customers. With expert focus on messaging migration,
identity access management, modern data center, and managed
services solutions, Cornerstone Technologies plays a pivotal role
in the transformation of their clients’ IT environments.
Cornerstone Technologies is a key partner to Microsoft,
Dell/EMC, VMware, and TransVault, and the company has built an
impressive customer list across multiple verticals, which include
retail, high tech, healthcare, public transportation, and financial
services.
For further information about Cornerstone Technologies, please
visit:
http://cornerstonetechnologies.com
“This is an excellent match,” said Andy Khanna, CEO of Sonasoft
Corp. “Cornerstone Technologies has perfected the business model
for IT services. Its sales team knows how to get in front of
the right customers and win deals. Cornerstone’s execution is
stellar. Best of all, Cornerstone Technologies offers expert
services not only in the technical niches that Sonasoft offers but
across broader IT solutions. It just fits and expands
Sonasoft’s reach across the IT enterprise.”
Sonasoft’s intent is to acquire Cornerstone Technologies, which
will continue to operate as a wholly owned subsidiary of Sonasoft
under the management of Frank Velasquez, who founded Cornerstone
Technologies in 2007. Cornerstone’s technical expertise and proven
track record with service delivery and project management would
significantly enhance the company’s ability to expand its market
reach and to develop, design, and deliver new products and
technological solutions to the industry.
“We are extremely excited about the prospect of teaming up with
Sonasoft and the potential of our combined organizations,” said
Frank Velasquez, President and CEO of Cornerstone
Technologies. “The possibilities are endless.
Sonasoft’s strength is in its first-rate technology solutions;
Sonasoft knows how to develop products that solve real
problems. Our engineering services team’s technical expertise
and success with project management when coupled along with
Sonasoft’s technology and solutions will create a seamless
synergy."
This acquisition would immediately result in an approximate $15
million in added annual revenue to the combined company’s bottom
line, which further strengthens and positions Sonasoft for a rapid
expansion into 2018 and beyond.
The combining of these two established leaders in the IT space
is a strategic move to prepare for the launch of a breakthrough
technological product which has been under development at Sonasoft
for quite some time. This product relates to eDiscovery and
analytics; it has the potential to become a standard in a number of
related industries. Details relating to this project will be
released in the near future. Additionally, Sonasoft will enable
Cornerstone Technologies to expand and deepen its service offerings
in the rapidly changing IT landscape.
The closing of this acquisition is subject to the completion of
due diligence and execution of definitive agreements. Shareholders
and the investment community will be kept updated regarding the
details of this acquisition accordingly.
For a no-cost consultation or to learn more about Sonasoft’s
email archiving and eDiscovery solutions and professional migration
services:
https://www.sonasoft.com
To learn more about Cornerstone Technologies’ services and for a
no-cost consultation for solutions it can provide:
http://cornerstonetechnologies.com
About Sonasoft
Sonasoft Corporation is a publicly traded corporation and is
listed on the OTC Markets under the trading symbol SSFT. Sonasoft’s
core business model includes enterprise-class email archiving,
eDiscovery, and business continuity software solutions for
Microsoft Business Applications on Microsoft Windows platforms.
Sonasoft’s signature products for eDiscovery tools, which include
SonaVault 5.0 Email Archiving and eDiscovery Software, as well as
SonaVault Email Archiving Appliances, deliver affordable
enterprise-level functionality that exceeds compliance and
ease-of-use requirements of small and medium-sized businesses,
governments, school districts, organizations, and enterprises.
Sonasoft recently expanded its product offering to include an email
archiving and eDiscovery platform in the cloud. The company
currently is developing its second-generation cloud offering, which
also will include a public request workflow with auditing features
and data analytics. The company also launched SonaSecure,
which protects systems from ransomware and other email-based
threats as well as provides email continuity services. In
addition, Sonasoft offers data export and migration services for
competing email archiving solutions. Sonasoft email archiving and
eDiscovery solutions have hundreds of deployments with an
exceptionally high degree of customer satisfaction. Founded in
2003, the company is headquartered in San Jose, California.
For more information about Sonasoft’s email archiving solutions
and business continuity software, contact:
Mike Khanna, President
Sonasoft Corporation
Phone: (408) 708-4000
Source: https://www.sonasoft.com
Forward-looking Statements
This release contains statements that constitute forward-looking
statements. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of the Company, its directors or its officers with
respect to, among other things: (i) the Company’s financing plans;
(ii) trends affecting the Company’s financial condition or results
of operations; (iii) the Company’s growth strategy and operating
strategy; and (iv) the declaration and payment of dividends. The
words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,”
“believe,” “intend,” and similar expressions and variations thereof
are intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company’s ability to
control, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors.
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