Sonasoft (SSFT) Completes Acquisition of Artificial Intelligence (AI) Services Company, E-Connect Software, Inc.
August 01 2019 - 9:00AM
InvestorsHub NewsWire
Sonasoft (SSFT) Completes Acquisition of Artificial Intelligence
(AI) Services Company, E-Connect Software, Inc.
San Jose, CA -- August 1, 2019 -- InvestorsHub NewsWire
-- Sonasoft Corp. (OTCQB: SSFT), a leader in innovative
artificial intelligence (AI) and data management solutions, is
pleased to announce that it has completed the acquisition of
E-Connect Software, Inc. and that it is being integrated into
Sonasoft Consulting.
E-Connect Software established a strong reputation in multiple
key IT services areas including data management, cloud migrations,
data integration and a range of artificial intelligence-related
professional services. E-Connect Software's unaudited 2018
revenue is estimated to be over $2.5 million with a net profit that
surpasses 12 percent.
The acquisition of E-Connect Software is part of the Company's
overall AI and data management strategy and supports the company’s
efforts to:
- Expand into the lucrative fields of data engineering and AI
services with new and existing customers
- Complement its current offerings of AI platform and data
management solutions with AI services and data engineer
experts
- Increase revenue and earnings before interest, taxes,
depreciation, and amortization (EBITDA)
- Become an industry leader in AI and data-related solutions and
services
"The acquisition of E-Connect Software is a key element of our
strategic business plan to have a cohesive and lasting advantage in
data and AI solutions, and we are pleased with how everything is
coming together," said Frank Velasquez, CEO of Sonasoft. “With
E-Connect Software, we can accelerate our AI solutions revenue
growth through the addition of proven field consulting expertise
with enterprise clients. This will help our customers execute
on their AI strategy and speed up their project
implementations."
"IDC predicts that AI solutions revenue will expand to $52.2
billion in 2021 with over a 45 percent growth rate," said Mike
Khanna, President of Sonasoft. "We are aggressively going
after this market, and the acquisition of E-Connect Software will
definitely accomplish our objective to expand and scale Sonasoft's
AI Consulting capabilities.”
"Our technology and business acumen will play a key role in
establishing Sonasoft as a major player in the AI marketplace,"
said Jay Sen, Sonasoft VP of Customer Success & Delivery and
former CIO of E-Connect Software. "Sonasoft’s NuGene AI
platform is among the most capable in the industry today, and our
knowledge in data engineering, advanced analytics, business
intelligence, and data warehousing architectures will be pivotal in
growing Sonasoft’s market share in this rapidly growing
industry."
About Sonasoft
Based in Silicon Valley since 2003 Sonasoft is a public company
(SSFT) providing solutions that create significant competitive
advantages from data, the most valuable corporate asset in the
digital economy. Our artificial intelligence platform and
software capabilities harness data to enable businesses to
accelerate and improve decision making, increase operational
efficiency, and automate critical processes.
For more information about Sonasoft, please visit:
https://www.sonasoft.com
For more information about Sonasoft’s Artificial Intelligence
(AI) Solutions, please visit:
https://www.sonasoft.com/products/artificial-intelligence-ai/
For investor-specific information, please visit:
https://www.sonasoft.com/investors/
Investor Contact:
Mike Khanna, President
Sonasoft Corporation
Phone: (408) 708-4000
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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