The acquisition will ultimately enable consumers to use
cutting-edge voice AI to order food from their vehicles, phones,
and smart devices
SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice
artificial intelligence, today announced the acquisition of key
assets from Allset, an online ordering platform that connects
restaurants and local customers. As part of the acquisition,
Allset’s team will be joining SoundHound, further strengthening the
company’s capabilities and commitment to innovation.
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SoundHound AI Acquires Ordering Platform
Allset to Fast-Track Its Vision of a Voice Commerce Ecosystem
(Photo: Business Wire)
The closing of the acquisition will bring additional restaurant
relationships, engineering skills, and marketplace know-how to
SoundHound AI as it builds towards its vision of a voice commerce
ecosystem that enables consumers to access goods and services
through natural conversation. This includes plans to facilitate
voice-enabled food and drink ordering across millions of cars, TVs,
and smart devices.
Founded in 2015, Allset is a food ordering platform designed for
local pick-up, providing a seamless, cost-effective dining
experience that allows both consumers and restaurants to bypass the
high fees charged by delivery apps. The business received backing
from investors, including Andreessen Horowitz, and has amassed
nearly 7,000 restaurant partners nationwide, including Joe &
The Juice and Charleys Cheesesteaks.
Alongside continuing the services provided by Allset, all of the
platform’s current restaurant partners – as well as all new signups
to Allset – will now have full access to a suite of SoundHound’s
voice AI products to improve operational efficiency, reduce costs,
and drive sales.
The Allset leadership team, including Co-Founders Stas
Matviyenko and Anna Polishchuk, will also apply their extensive
marketplace experience to accelerating SoundHound’s
first-of-its-kind voice monetization platform. The move mobilizes a
key part of the company’s growth strategy, enabling consumers to
use conversational voice AI to effortlessly order food from their
vehicles or a voice-enabled device, like a TV.
Today, SoundHound is a market leader for restaurant voice AI
solutions, working with over 10,000 restaurant locations. The
company’s fast, accurate voice ordering technology can be deployed
across multiple channels, including via phone, drive-thru, kiosk,
and mobile app. The system can seamlessly pick-up customer orders,
understand speech in a range of major languages, learn any
restaurant’s menu, process orders directly to the POS, answer
customer FAQs, and even upsell add-ons and offer special
promotions.
SoundHound also works with world class clients across a range of
other sectors, including smart devices, TVs, and automotive – where
SoundHound’s solutions are in millions of units around the world
today.
“As a business, Allset will help SoundHound bring voice AI
solutions to even more restaurants looking to improve operational
efficiency. At the same time, the Allset team brings a wealth of
marketplace experience and knowledge that will make our bigger
vision of a voice commerce ecosystem a reality,” said Keyvan
Mohajer, CEO and Co-Founder of SoundHound AI. “Together, we plan to
provide dynamic and convenient ways for people to order food and
complete a range of other transactions just by speaking
naturally.”
"We are thrilled to join forces with SoundHound to combine our
established partnerships and marketplace expertise with
SoundHound’s class-leading voice AI solutions and capabilities,"
said Stas Matviyenko, CEO and Co-Founder of Allset. "From the
beginning, we realized that we share the same vision for the voice
commerce ecosystem that elevates the consumer experience. This
team-up will accelerate our progress toward the next exciting phase
of AI-powered ordering convenience."
Learn more about SoundHound AI’s vision for a voice commerce
ecosystem here.
About SoundHound AI
SoundHound (Nasdaq: SOUN), a global leader in conversational
intelligence, offers voice AI solutions that let businesses offer
incredible conversational experiences to their customers. Built on
proprietary technology, SoundHound’s voice AI delivers
best-in-class speed and accuracy in numerous languages to product
creators across automotive, TV, and IoT, and to customer service
industries via groundbreaking AI-driven products like Smart
Answering, Smart Ordering, and Dynamic Interaction™, a real-time,
multimodal customer service interface. Along with SoundHound Chat
AI, a powerful voice assistant with integrated Generative AI,
SoundHound powers millions of products and services, and processes
billions of interactions each year for world class businesses.
www.soundhound.com
About Allset
Headquartered in Los Angeles, California, Allset is a
marketplace connecting restaurants and local diners. It provides
restaurants with online ordering and contactless dining solutions.
Customers use Allset to order ahead at nearby restaurants and
coffee shops, to ensure everyday dining that is fast, easy, and
cost-effective. Allset is partnering with thousands of restaurants
nationwide, including Joe & The Juice, Charleys Cheesesteaks,
Dickey's Barbecue Pit, Lennys Grill & Subs, BIBIBOP Asian
Grill, DIG, and more. The company works with integration partners,
including Olo, Ordermark, Checkmate, Cuboh, and Otter, and has
raised funding from investors, including Andreessen Horowitz and
others.
Forward Looking Statements and Other Disclosures
This press release contains forward-looking statements, which
are not historical facts, within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. In some cases, you can
identify forward-looking statements by the use of words such as
“may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “continue,”
“likely,” “will,” “would” and variations of these terms and similar
expressions, or the negative of these terms or similar expressions.
These forward-looking statements include, but are not limited to,
statements concerning our expected financial performance, our
ability to implement our business strategy and anticipated business
and operations, including (i) our ability to successfully integrate
Allset’s assets and realize the benefits of the acquisition, (ii)
our ability to bring additional restaurant relationships,
engineering skills, and marketplace know-how to SoundHound AI,
including the ability to facilitate voice-enabled food and drink
ordering across millions of cars, TVs, and smart devices and (iii)
our ability to monetize our voice platform. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by us and our management, are
inherently uncertain. As a result, readers are cautioned not to
place undue reliance on these forward-looking statements.
Our actual results may differ materially from those expressed or
implied by these forward-looking statements as a result of risks
and uncertainties impacting SoundHound AI’s business including, the
challenges and costs of integrating and achieving anticipated
synergies and benefits of the Allset acquisition and the risk that
the anticipated benefits of the transaction may not be fully
realized or take longer to realize than expected, our ability to
successfully launch and commercialize new products and services and
derive significant revenue, our market opportunity and our ability
to acquire new customers and retain existing customers, the timing
and impact of our growth initiatives, level of product service
failures that could lead our customers to use competitors’
services, our ability to predict direct and indirect customer
demand for our existing and future products, our ability to hire,
retain and motivate employees, the effects of competition,
including price competition within our industry segment.
technological, regulatory and legal developments that uniquely or
disproportionately impact our industry segment, developments in the
economy and financial markets and those other factors described in
our risk factors set forth in our filings with the Securities and
Exchange Commission from time to time, including our Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. We do not intend to update or alter our forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240620384616/en/
Investors: Scott Smith 408-724-1498 IR@SoundHound.com
Media: Fiona McEvoy 415-610-6590 PR@SoundHound.com
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