Sonasoft Corp (SSFT) Signs Letter of Intent (LOI) to Acquire Two
Artificial Intelligence (AI) Companies
SAN JOSE, CA -- April 3, 2019 -- InvestorsHub NewsWire
-- Sonasoft Corp. (OTCQB: SSFT), a leader in innovative
eDiscovery and artificial intelligence (AI) solutions, announces
that it has signed a non-binding letter of intent (LOI) to acquire
E-Connect Software, Inc. and OPtimAIze, Inc., along with all
related interests and assets.
E-Connect Software, Inc. is an artificial intelligence (AI)
consulting firm that connects people, processes, and technology to
deliver AI-based enterprise solutions to resolve specific
challenges and build new capabilities. E-Connect Software,
Inc. has a proven team of data scientists and AI engineers, that
are located in Silicon Valley and India. E-Connect Software, Inc.
is a profitable company with unaudited revenues for 2018 estimated
to be over $2.5 million and net profits of over 12 percent.
OPtimAIze, Inc. is an innovative artificial intelligence (A.I.)
company that specializes in artificial intelligence for information
technology operations (AIOps). OPtimAIze, Inc. has its own IP and
developed an AIOps platform that helps to automate service
assurance, avoid outages, and accelerate digital transformation
initiatives. OPtimAIze’s offering is aligned with Sonasoft’s
products and services. Both target IT infrastructure and
operations.
Should the tentative mergers progress, the following business
value is expected:
- Sonasoft will be able to seamlessly integrate E-Connect
Software and OPtimAIze’s AI and machine learning (ML) into all its
products and solutions
- The combined Company will have the value and reach of having
access to a large team of data scientists and AI engineers, which
will solidify Sonasoft’s leadership in AI as well as add to
bottom-line revenue in the lucrative AI consulting business
- The combined Company will be able to penetrate new verticals
and further expand its market reach, particularly into the AIOps
sector
- Shareholder value will be added by combining the intellectual
property (IP) and enterprise accounts, leading to cross-sale
opportunities in both software solutions and professional
services
Both prospective acquisitions are led by the same senior
management team. The two partners have held various C-level
positions with several technology firms.
“More important than adopting new technologies is learning and
extending from the successes of others like E-Connect Software and
OPtimAIze,” said Frank Velasquez, CEO of Sonasoft. “Together, we
will greatly enhance Sonasoft’s existing artificial intelligence
solutions. The addition of E-Connect Software and OPtimAIze round
out our existing AI solutions. There is also no functional
overlap with our pending acquisition of Hotify, Inc. E-Connect
Software and OPtimAIze’s offerings complement Hotify’s technology.
IDC predicted that AI systems will grow to $52.2 billion in 2021
with a 46 percent growth rate. We intend to aggressively go
after this market, and these acquisitions will help achieve this
goal.”
“Getting acquired by Sonasoft will provide us with the
resources, support, and network to allow us to grow to our full
potential,” said Jay Sen, CIO of E-Connect Software and OPtimAIze.
“Sonasoft has a seasoned and professional sales machine in the
enterprise level tech space, existing IP, and technological
expertise. We are very excited about the opportunity to join
the team and grow the business.”
Further updates from Sonasoft Corp. and its wholly owned
subsidiaries can be expected in the near future as the Company’s
business initiatives continue to progress.
For a no-cost consultation and to learn 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 E-Connect Software, Inc.
E-Connect Software, Inc. is an AI consulting firm that focuses
on strategy, technology, and business transformation to assist
companies to undertake ambitious data and advanced analytics
projects to build new capabilities. The Company provides strategic
guidance and technology systems for clients to solve their most
complex and exciting business challenges that involve cloud
applications, advanced analytics, artificial intelligence (AI),
machine learning (ML), and data engineering. E-Connect
Software’s business model is to engage both corporate technology
departments and business units to develop value-add
decision-supported solutions, which expands far beyond new
technology deployments. E-Connect Software, Inc. is based in
Fremont, California.
For further information about E-Connect Software, Inc., please
visit: http://www.e-connectt.com/
About OPtimAIze, Inc.
OPtimAIze, Inc. is an artificial intelligence (A.I.) solutions
company that focuses on optimizing IT operations. OPtimAIze,
Inc. has developed its own artificial intelligence for information
technology operations (AIOps) platform which is designed to
automate assurances, prevent outages, and accelerate digital
transformation initiatives. OPtimAIze, Inc. is located in
Fremont, California.
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 recently updated and relaunched
SonaSQL. SonaSQL allows enterprises to easily perform backup,
recovery, and replication services to Microsoft SQL Servers.
SonaSQL also allows enterprises to seamlessly migrate to Microsoft
Azure. 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.
About Cornerstone Technologies (a Sonasoft
company)
Based in the heart of Silicon Valley, Cornerstone Technologies,
a wholly-owned subsidiary of Sonasoft Corp., is a leading provider
of engineering services focused on messaging migrations, identity
access management, the 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/
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
Source: https://www.sonasoft.com