San Jose, CA -- September 25, 2018 -- InvestorsHub NewsWire --
Sonasoft Corp. (OTCPK: SSFT), a leader in email
archiving, data migration, and eDiscovery solutions, is pleased to
announce that the acquisition of Cornerstone Technologies has been
finalized. Cornerstone Technologies, an innovative Silicon
Valley-based engineering services and product resale organization
that focuses on the design, deployment, migration, and management
of IT solutions for large and medium enterprise clients.
The definitive agreement to acquire Cornerstone Technologies was
announced on May 1, 2018, pending board approval and an audit of
both companies’ financial statements. The recent completion
of these objectives has now solidified and finalized the
acquisition making Cornerstone Technologies a wholly-owned
subsidiary of Sonasoft Corp.
“We are very pleased to have Cornerstone Technologies on board,”
said Andy Khanna, CEO of Sonasoft. “The expertise, connections, and
partnerships we have gained through this acquisition are monumental
in terms of expanding operations and increasing shareholder
value.”
Dr. Romesh K Japra, Chairman of the Board for Sonasoft Corp,
stated, “This acquisition, along with further actions to be taken
by Sonasoft’s management team, is setting the foundation for the
long-term growth of the Company. It is my view that the
Cornerstone acquisition will add significant value to the
underlying asset in which our shareholders have invested in. The
future looks bright for the near and long-term success of the
organization.”
Prior to this acquisition, Cornerstone Technologies established
a notable footprint with its engineering and consulting solutions.
Since its inception eleven years ago, Cornerstone Technologies
successfully delivered hundreds of services in data archiving,
large data migrations, and eDiscovery for medium and large
enterprise customers. Cornerstone has formed and maintained key
partnerships with technology leaders such as Microsoft, Dell/EMC,
VMware, TransVault, and many more. Cornerstone’s management team
consists of industry leading professionals with decades of
experience gained at companies like Veritas, Mimosa, Exterro,
Dell/EMC, and iManage, all of which have been successful players in
the data management, eDiscovery, and data archival space.
The market for eDiscovery software and services is rapidly
growing from an estimated $9 billion in 2017 to $18 billion by
2022. The combined companies intend to leverage each other’s
resources, partnerships, software, intellectual property, and
expertise to accelerate forward and capture a significant share of
this high-growth market. The Company recognizes that a critical
determinant of success in this highly competitive market is the
development and integration of artificial intelligence (AI).
Together Cornerstone Technologies and Sonasoft are collaborating
to maximize the impact of artificial intelligence and machine
learning into their combined offering. Increasingly, AI and
machine learning now perform a critical role to quickly identify
and untangle information amongst the morass of data for eDiscovery
requirements. This innovation will significantly reduce the
time and costs associated with the discovery process as it is
applied to litigation data, as well as, public records requests,
which include the Freedom of Information Act. Being on the
leading edge with AI and machine learning will allow the combined
companies to quickly surpass competitors and become an industry
leader in this multi-billion dollar market.
“The marriage with Sonasoft is very fitting, in that it provides
control over the intellectual property customers often desire on
products and services delivered,” stated Cornerstone’s CEO, Frank
Velasquez. “Additionally, the acquisition by Sonasoft provides a
vehicle for gaining the required investment to realize our
collective vision, as we propel the combined Company to lead the
pack in this multi-billion dollar market.”
“We have already begun to leverage each company’s strengths in
our relationship, which have resulted in expanded sales
opportunities,” continued Mr. Velasquez. “We understand the
impact artificial intelligence will have on data discovery, data
reduction, and data prioritization. The technology our
clients desire is understood by us, and we are already poised to
succeed with customers for ad-hoc engagements and soon thereafter
with expanded functionality to our products.”
The acquisition of Cornerstone Technologies marks a key
milestone as the Company continues to execute on its 2018 growth
strategy. Finalization of the audits and acquisition allows the
unified Company to press forward with additional corporate
objectives, capitalize on new opportunities, and continue the
development and delivery of disruptive tech-based solutions for its
current and ever-increasing customer base and industry-leading
partners.
A number of exciting updates from Sonasoft and its wholly owned
subsidiary, Cornerstone Technologies, can be expected over the
coming weeks.
For a no-cost consultation and to learn more about more about
the power of SonaVault 6.1 eDiscovery and Email Archiving Solution,
visit us here:
https://www.sonasoft.com/products/sonavault-email-archiving-software/
To obtain the latest company updates in between press releases,
please follow us on Twitter @Sonasoft or visit us here:
https://twitter.com/Sonasoft
About Cornerstone Technologies
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 an 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:
https://cornerstonetechnologies.com/
About Sonasoft
Sonasoft Corporation is a publicly traded corporation and is
listed on the OTC Markets under the trading symbol SSFT. Sonasoft
is now an AI-first company. The Company intends to integrate
artificial intelligence (AI) into the Company’s core business
model, which 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 6.1 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 large and medium-sized businesses, governments, school
districts, organizations, and enterprises. 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.
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.
For more information about Sonasoft’s email archiving solutions and business continuity software, contact: Mike Khanna Sonasoft Corporation Phone: (408) 708-4000
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