Sonasoft Corp Jointly Signs Definitive Purchase Agreement to
Acquire Artificial Intelligence (AI) Company, Hotify, Inc.
San Jose, CA -- March 13, 2019 -- InvestorsHub NewsWire
-- Sonasoft Corp. (OTCQB: SSFT), a leader in
innovative eDiscovery and artificial intelligence (AI) solutions,
announced that it has jointly signed a definitive purchase
agreement to acquire an artificial intelligence (AI)
company, Hotify, Inc., and all related interests, assets, and
intellectual property.
Hotify is a global artificial intelligence (AI) company
that is committed to accelerating the adoption of AI in enterprise
solutions with its AI platform, NuGene.
The two companies signed the definitive agreement in less than
six weeks following the letter of intent (LOI), which was announced
on January 31, 2019. The acquisition is expected to finalize
following the audit completion of Hotify’s financial
statements.
After the acquisition is completed, Hotify, Inc. will become a
separate, wholly owned subsidiary of Sonasoft. Ankur Dinesh Garg
will continue to be the CEO of Hotify, Inc. Hotify’s
engineering and leadership teams will also remain intact.
The unified companies plan to target integration and expansion
in the following areas:
- Hotify adds proven intellectual property (IP) in AI with an
existing customer base
- Sonasoft’s eDiscovery and archiving platform, SonaVault, will
be further enhanced with Hotify’s AI
- Sonasoft’s knowledge-based discovery solution will be expanded
to further gain market share in customer service and tech support
success initiatives
- Hotify will develop new AI solutions and products to expand on
its current offering
- Hotify will grow through Sonasoft’s existing access to
enterprise accounts and marketing initiatives, which is expected to
penetrate new verticals and key accounts
- Sonasoft will be able to expand its profitable professional
services through the adoption of its AI solutions
- The combined companies will increase shareholder value and
could become an attractive target to be acquired by a large player
in the artificial intelligence and eDiscovery sectors
This Artificial Intelligence acquisition is aligned with
Sonasoft’s focus on aggressively penetrating the AI market with
innovative and disruptive technology solutions that enhance or
complement the Company’s portfolio. Once the acquisition is
completed, Sonasoft’s solid holdings of intellectual property (IP)
will be significantly enhanced with Hotify’s proprietary and proven
artificial intelligence solution.
Gartner, the world’s leading research and advisory company,
forecasts that the value derived from global artificial
intelligence business will reach $3.9 trillion in 2022.
Organizations that successfully adopt AI into their business model
win customers, gain new revenue, and reduce costs. Gartner
further predicts that AI is poised to be the most disruptive class
of technologies over the next ten years and already recognizes AI
as an emerging technology with tremendous potential for growth.
“With the acquisition of Hotify, Sonasoft is poised to be a
disruptive competitor in the industry,” said Andy Khanna, Vice
Chairman of Sonasoft, who is in charge of mergers, acquisitions,
and compliance matters. “Hotify has proven AI technology, and that
is why we pursued this acquisition. When combined with Sonasoft’s
client and partner portfolio along with our strong sales and
marketing engine, we have an incredible opportunity for success.
Our existing IP in data archiving and eDiscovery is an initial
launching point to fully integrate Hotify’s AI. The synergies
will allow us to both enhance our offerings and drive the success
of our partner community.”
“This is an important milestone for Hotify and the beginning of
a new phase of growth,” said Ankur Dinesh Garg, CEO of Hotify, Inc.
“Through this acquisition, we get faster access into the North
American market with the ability to generate a much larger impact
than if we did it alone. The combined Company will be ready to gain
new customers, target high-value large enterprise opportunities,
and disrupt the AI market with accelerated innovation.”
Further updates from Sonasoft and its wholly owned subsidiary,
Cornerstone Technologies, can be expected shortly.
For a no-cost consultation and to learn more about more about
the power of Sonasoft’s Artificial Intelligence (AI) Solutions,
visit us here:
https://www.sonasoft.com/products/artificial-intelligence-ai/
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 Hotify
Hotify is an artificial intelligence (AI) software
company. The Company has created NuGene AI Platform, which
can develop robust intelligence agents (bots) in minutes.
NuGene’s agents can be applied to specific use cases across sectors
and industries. These include identifying customer turnover
in the retail sector, machine failure risk in manufacturing, sales
forecast and demand with Fortune 500 companies, win-lose prediction
within Salesforce opportunities, and accurate Q&A results with
large online self-help centers.
Hotify has developed thousands of ready-to-use AI components as
well as many proprietary algorithms as part of its platform.
The Company has worldwide enterprise customers in multiple market
segments.
Hotify Inc. was founded in 2018 and is headquartered in Santa
Clara, California.
For further information about Hotify Inc. and its advanced AI
solution, please visit:
http://hotify.ai/
About Sonasoft
Sonasoft Corporation is a publicly traded corporation and is
listed on the OTCQB Markets under the trading symbol SSFT
(OTCQB: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
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.
For more information about Sonasoft’s email archiving solutions
and business continuity software, contact:
Mike Khanna
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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