Sonasoft Corp. (OTCPK:SSFT) announced that that the acquisition of Cornerstone Technologies has been finalized.
FOR IMMEDIATE RELEASE
(As published on Nasdaq GlobeNewswire)
September 25, 2018 - San Jose, California, Sonasoft Corp. (OTCPK: SSFT), a leader in email archiving, data migration, and eDiscovery solutions, is pleased to announce that the acquisition of Cornerstone Technologies has been finalized. Cornerstone Technologies, an innovative Silicon Valley-based engineering services and product resale organization that focuses on the design, deployment, migration, and management of IT solutions for large and medium enterprise clients.
The definitive agreement to acquire Cornerstone Technologies was announced on May 1, 2018, pending board approval and an audit of both companies’ financial statements. The recent completion of these objectives has now solidified and finalized the acquisition making Cornerstone Technologies a wholly-owned subsidiary of Sonasoft Corp.
“We are very pleased to have Cornerstone Technologies on board,” said Andy Khanna, CEO of Sonasoft. “The expertise, connections, and partnerships we have gained through this acquisition are monumental in terms of expanding operations and increasing shareholder value.”
Dr. Romesh K Japra, Chairman of the Board for Sonasoft Corp, stated, “This acquisition, along with further actions to be taken by Sonasoft’s management team, is setting the foundation for the long-term growth of the Company. It is my view that the Cornerstone acquisition will add significant value to the underlying asset in which our shareholders have invested in. The future looks bright for the near and long-term success of the organization.”
Prior to this acquisition, Cornerstone Technologies established a notable footprint with its engineering and consulting solutions. Since its inception eleven years ago, Cornerstone Technologies successfully delivered hundreds of services in data archiving, large data migrations, and eDiscovery for medium and large enterprise customers. Cornerstone has formed and maintained key partnerships with technology leaders such as Microsoft, Dell/EMC, VMware, TransVault, and many more. Cornerstone’s management team consists of industry leading professionals with decades of experience gained at companies like Veritas, Mimosa, Exterro, Dell/EMC, and iManage, all of which have been successful players in the data management, eDiscovery, and data archival space.
The market for eDiscovery software and services is rapidly growing from an estimated $9 billion in 2017 to $18 billion by 2022. The combined companies intend to leverage each other’s resources, partnerships, software, intellectual property, and expertise to accelerate forward and capture a significant share of this high-growth market. The Company recognizes that a critical determinant of success in this highly competitive market is the development and integration of artificial intelligence (AI).
Together Cornerstone Technologies and Sonasoft are collaborating to maximize the impact of artificial intelligence and machine learning into their combined offering. Increasingly, AI and machine learning now perform a critical role to quickly identify and untangle information amongst the morass of data for eDiscovery requirements. This innovation will significantly reduce the time and costs associated with the discovery process as it is applied to litigation data, as well as, public records requests, which include the Freedom of Information Act. Being on the leading edge with AI and machine learning will allow the combined companies to quickly surpass competitors and become an industry leader in this multi-billion dollar market.
“The marriage with Sonasoft is very fitting, in that it provides control over the intellectual property customers often desire on products and services delivered,” stated Cornerstone’s CEO, Frank Velasquez. “Additionally, the acquisition by Sonasoft provides a vehicle for gaining the required investment to realize our collective vision, as we propel the combined Company to lead the pack in this multi-billion dollar market.”
“We have already begun to leverage each company’s strengths in our relationship, which have resulted in expanded sales opportunities,” continued Mr. Velasquez. “We understand the impact artificial intelligence will have on data discovery, data reduction, and data prioritization. The technology our clients desire is understood by us, and we are already poised to succeed with customers for ad-hoc engagements and soon thereafter with expanded functionality to our products.”
The acquisition of Cornerstone Technologies marks a key milestone as the Company continues to execute on its 2018 growth strategy. Finalization of the audits and acquisition allows the unified Company to press forward with additional corporate objectives, capitalize on new opportunities, and continue the development and delivery of disruptive tech-based solutions for its current and ever-increasing customer base and industry-leading partners.
A number of exciting updates from Sonasoft and its wholly owned subsidiary, Cornerstone Technologies, can be expected over the coming weeks.
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About Cornerstone Technologies
Based in the heart of Silicon Valley, Cornerstone Technologies is a leading provider of engineering services focused on the design, deployment, migration, and management of IT workloads for enterprise customers. With an expert focus on messaging migration, identity access management, 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:
Sonasoft Corporation is a publicly traded corporation and is listed on the OTC Markets under the trading symbol 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 email 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 5.0 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 small and medium-sized businesses, governments, school districts, organizations, and enterprises. 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 for 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.
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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