Sonasoft Corp (OTCQB: SSFT) announced that it has signed a definitive purchase agreement to acquire the data engineering and artificial intelligence (AI) company, E-Connect Software, Inc., and all its related assets.
(As published on Nasdaq GlobeNewswire)
May 2, 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 signed a definitive purchase agreement to acquire the data engineering and artificial intelligence (AI) company, E-Connect Software, Inc., and all its related interests, assets, and intellectual property. The acquisition is expected to become final after the audit completion of E-Connect Software’s financial statements.
E-Connect Software, Inc. is a data engineering and AI consulting firm with deep expertise and a proven track record in data management, cloud migrations, and data integration. E-Connect Software has an unaudited 2018 revenue estimated to be over $2.5 million with a net profit that exceeds 12 percent. E-Connect Software is based in Fremont, California.
“We transform our customers’ data into intelligence,” said Frank Velasquez, CEO of Sonasoft. “The acquisition of E-Connect Software rounds out our AI business strategy, and together, we will be a fierce competitor in the artificial intelligence market. Just last week, we announced the completion of Hotify, which gives the Company additional intellectual property. We now have an artificial intelligence cloud-based platform, NuGene, that gives new insights and intelligent solutions to customer challenges. The acquisition of E-Connect Software extends our ability to apply data science to all customer data sets and then to leverage NuGene for more intelligent decision-making allowing for greater efficiencies and productivity across all industries. This gives Sonasoft the strength to be an end-to-end solution with services and IP.”
“When we approach prospective enterprises, we find that they recognize the immense value in our AI platform, but some do not possess the required expertise or resources to implement such a solution,” continued Frank Velasquez. “We can now approach these enterprises with not only the solution to give them a huge competitive advantage, but also provide the expertise required to ensure their AI projects deliver an immediately high ROI. The synergy that E-Connect Software brings to our total AI offering provides a complete package that few if any competitors have.”
“The unification of E-Connect and Sonasoft will create immense potential, both from a product and delivery standpoint,” said Jay Sen, CIO of E-Connect Software. “We’ve discovered that nearly every organization has grand expectations relating to its deployment of artificial intelligence. E-Connect, combined with Sonasoft, will be capable of providing AI solutions at every step along the way to meet if not exceed these expectations. We intend to utilize Sonasoft’s NuGene AI Platform combined with our expertise in data engineering, data management, cloud migrations, and AI services to offer a complete solution to supercharge our customers’ journey into AI. We are extremely confident moving forward with our business plan, and we cannot wait to get it started.”
E-Connect is the first of two recently announced potential acquisitions under LOI to advance to a definitive agreement. The Company continues due diligence on the second potential acquisition, OPtimAIze, Inc., and will provide updates appropriately as discussions and reviews progress.
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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About E-Connect Software, Inc.:
E-Connect Software, Inc. is a data engineering and 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 data engineering, cloud migration, advanced analytics, and artificial intelligence (AI)/machine learning (ML). 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:
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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