Sonasoft Corp (SSFT) signs a letter of intent (LOI) to acquire two AI companies, E-Connect Software, Inc. and OPtimAIze, Inc., and all related interests and assets.
(As published on Nasdaq GlobeNewswire)
April 3, 2019 – San Jose, California, 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.
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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:
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.
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:
For more information about Sonasoft’s email archiving solutions and business continuity software, contact:
Phone: (408) 708-4000
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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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