Sonasoft Corp (SSFT) announces that it has completed the acquisition of an artificial intelligence (AI) company, Hotify, Inc., and all its related assets.
(As published on Nasdaq GlobeNewswire)
April 25, 2019 - San Jose, California, Sonasoft Corp. (OTCQB: SSFT), a leader in innovative eDiscovery and artificial intelligence (AI) solutions is pleased to announce that it has completed the acquisition of Hotify, Inc. and all its related interests, assets, and intellectual property. Hotify’s accounting books have been audited, and Sonasoft’s Board has approved the acquisition. The completion of these objectives finalized the acquisition that now makes Hotify, Inc. a Sonasoft company.
“This acquisition is pivotal to Sonasoft’s future,” said Frank Velasquez, CEO of Sonasoft. “Hotify’s IP offers real intelligence. For enterprise clients who seek to quickly transform their raw data into new insights and solutions, Hotify’s cloud-based artificial intelligence (AI) platform, NuGene, offers immediate value. Sonasoft will not only integrate Hotify’s AI technology into its solutions but will also obtain revenue from AI related services and OEM (original equipment manufacturers) relationships. Sonasoft now can deliver AI solutions for customer support departments to reduce their per-incident costs through deflection. Our artificial intelligence also can maximize lead development that is contained within CRM platforms.”
“Our AI platform, NuGene can offer a quick and flexible way to obtain new insights and solutions from a variety of data points for almost any application through its API (application programming interface) capabilities,” continued Frank Velasquez. “This means that we can connect to a variety of data points from almost any application. Hotify’s AI IP fills a void in the market, which we will leverage to maximize our expansion into enterprise accounts and vertical systems integrators. This will allow us to excel in this high growth market.”
The Company is working on multiple AI solutions for finance, IOT, retail, eDiscovery, manufacturing, the automotive industry, and more.
“This acquisition has allowed us to open new doors,” said Ankur Dinesh Garg, CEO of Hotify. “We have been busy introducing our AI platform, NuGene, to some of the biggest tech leaders in the industry. These companies are household names with billions of dollars in revenue. They have been amazed at how our AI platform can take complex data from multiple sources and quickly deliver new insights and answers. A typical response from these companies is, ‘This is exactly what we have been looking for!’ After the first meeting, these companies quickly schedule additional meetings with other department heads and C-level executives. The momentum grows. We are now working hard on securing revenue-producing proof of concepts so that we can show these corporate giants what they can achieve with our platform. We know that our AI solution produces amazing results in a short period of time. We have successfully challenged big brand-name AI solutions. In one case, our results marked an improvement of nearly 400 percent. We are aiming to have our technology be as disruptive as possible, and we are off to a pretty good start.”
“Sonasoft has come a long way in its nearly 18 years of operations,” said Andy Khanna, Founder and Vice Chairman. “Many of our investors and employees have kept together through the years and can now see that we, as a company, have progressed from data preservation and business continuity to enterprise solutions from artificial intelligence. The effort has been worth it, and we are all energized to be part of this transformation.”
Further updates regarding the company and its archiving, eDiscovery, and artificial intelligence (AI) initiatives can be expected as initiatives continue to progress.
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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 Hotify (a Sonasoft Company)
Hotify is an artificial intelligence (AI) software company. The Company has created 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.
Hotify Inc. was founded in 2018 and is headquartered in Santa Clara, California.
For further information about Hotify Inc. and its advanced AI solution, please visit:
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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