Sonasoft (SSFT) and Cornerstone Technologies, a Sonasoft Company,
Announce 2018 Fiscal Year-end Revenues of $979K and $10.4M
Respectively; Combined Revenue Estimated Over $11M with 1,900%
Increase YoY
SAN JOSE, CA -- May 16, 2019 -- InvestorsHub NewsWire
-- Sonasoft Corp. (OTCQB: SSFT), a leader in
innovative eDiscovery and artificial intelligence (AI) solutions,
and Cornerstone Technologies, a Sonasoft company, are pleased to
report their fiscal year-end (FSE) financials. Sonasoft
posted audited revenue of $978,882 for fiscal year 2018, which is
an increase of almost 72 percent over the revenue reported for
fiscal year 2017 of $570K. Cornerstone Technologies posted
unaudited revenue of $10,470,986 for fiscal year 2018. The
combination of the two companies’ revenue totals $11,449,878. The
combined result marks an over 1,900 percent revenue increase
year-over-year (YoY), compared to Sonasoft’s 2017 results. The
merger was completed in September 2018 once the audit requirement
was satisfied; however, the Secretary of State of California did
not process the finalization of the merger of Sonasoft Corp and
Cornerstone Technologies until January 15, 2019. Therefore, the
accounting books of each company were filed separately for fiscal
year 2018.
The Company also completed a two-year audit for fiscal years
2017 and 2018 by ThayerONeal, Certified Public Accountants. The
Company’s full audit report is available to review on OTC Markets
under the profile for Sonasoft Corp (SSFT):
https://backend.otcmarkets.com/otcapi/company/financial-report/220499/content
The Company continues its integration with Cornerstone
Technologies and Hotify, Inc. The anticipated synergies from
these acquisitions and mergers have resulted in tangible results
that will positively impact the Company’s top-line revenue and
bottom-line earnings. For instance, the Company has been able
to utilize Cornerstone Technologies’ solid enterprise client base
to create new opportunities to install Sonasoft’s software
solutions, which includes intellectual property (IP) fully owned by
the Company. This business model has not only led the Company
to displace competing solutions with SonaVault Enterprise
Information Archiving (EIA) Software Solution but has allowed the
Company’s artificial intelligence (AI) platform to be introduced to
the Company’s legacy enterprise clients.
“Sonasoft and Cornerstone Technologies have collectively
exceeded $11.4 million, and we are energized to see our performance
as we go forward,” said Frank Velasquez, CEO of Sonasoft. “The
synergies from the combined Company have already delivered
impressive results. Instead of Cornerstone only selling
third-party solutions, we can now offer our own IP. For
instance, as a result of the merger, we were able to win a notable
contract for our SonaVault Enterprise Information Archiving
Software Solution with the San Jose Sharks hockey team by
displacing a major competing solution. Other business deals
are in the works, which include our recently revitalized SonaSQL
Backup, Recovery, and Replication Software Solution. The Company
has also expanded its signature software solution to archive over
forty data points including social media platforms, cloud-based
file sharing sites, and chat apps like Twitter, Facebook, Skype,
SharePoint, OneDrive, ShareFile, Jabber, Slack, Yammer, and
more. Sonasoft’s archive solutions have expanded beyond email
and are poised perfectly to capture business in the high-value
enterprise space.”
“Most exciting is the potential of our artificial intelligence
(AI) platform, NuGene,” continued Frank Velasquez. “We have
earned several proof of concepts (PoC’s) with our existing
enterprise customers as well as some of the biggest names in the
tech sector this year. Details will be announced when appropriate
to do so. We anticipate that 2019 will be a year for many marquee
wins for the company.”
Further updates from the Company and its enterprise information
archiving (EIA), eDiscovery, and artificial intelligence (AI)
initiatives can be expected as 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 Sonasoft
Sonasoft Corporation is a publicly traded corporation and is
listed on the OTCQB Markets under the trading symbol SSFT (OTCQB:
SSFT). Sonasoft is an AI-first company and focuses on turning data
into intelligence and solutions. Sonasoft’s key offerings and
services are about preserving data through enterprise information
archiving (EIA), backup & recovery, replication, and
migrations. The Company then makes this data discoverable and
achieves compliance through its eDiscovery solutions. Most
significantly, Sonasoft transforms enterprises’ data into
intelligent AI insights and creative solutions that increase ROI’s.
In short, the Company offers a closed-loop cycle with data to
ensure that enterprises preserve their data, find their data, and
utilize their data to make the best business decisions
possible.
The Company is integrating 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 Enterprise Information Archiving and eDiscovery
Software, as well as SonaVault Enterprise Information 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 archiving solutions. Sonasoft enterprise information
archiving (EIA) 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 Hotify (a Sonasoft
Company)
Hotify is an artificial intelligence (AI) software
company. The Company is the creator of the 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.
The founders of Hotify have been developing the company and its
AI technology internationally for a number of years, however Hotify
Inc. was officially founded in the US 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 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 enterprise information archiving (EIA) solutions and business continuity software, contact:
Mike Khanna
Sonasoft Corporation
Phone: (408) 708-4000
Source: https://www.sonasoft.com
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