Sonasoft Corp (SSFT) announces that it has fulfilled a key portion of its strategic business expansion with the acquisition of an artificial intelligence (AI) services company, E-Connect Software, Inc. and is being integrated into Sonasoft Consulting.
(As published on Nasdaq GlobeNewswire)
August 1, 2019 - San Jose, California, 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
"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."
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.
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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.