Sonasoft to Acquire Hotify
SAN JOSE, CA — Sonasoft Corp, a leader in innovative eDiscovery and artificial intelligence solutions, announces that it has jointly signed a non-binding letter of intent with Hotify Inc. to acquire Hotify along with all its related interests and assets.
Hotify Inc. is an artificial intelligence software company and is the developer of NuGene, an AI cloud-based platform that adds intelligence to solve many industry-specific challenges. Hotify’s engineering team possesses deep expertise in AI, and its enterprise solution, NuGene, has successfully displaced competing solutions that were developed by well-known names in the tech sector.
If the tentative merger should progress, then the following value-add will benefit both companies:
- Sonasoft will be able to seamlessly integrate AI into all its products and solutions from the ground up
- Hotify will benefit from the sales reach and existing enterprise accounts from Sonasoft and its fully owned subsidiary, Cornerstone Technologies
- The combined Company will be able to penetrate new verticals and further expand its market reach
- Investors will benefit from the value added from the combined research and development, intellectual property, and the combined enterprise sales volume, which is expected to significantly increase shareholder value
“The acquisition of Hotify perfectly fits our strategy to excel in the enterprise space with AI,” said Frank Velasquez, CEO of Sonasoft. “As announced last November, Sonasoft already has successfully entered the market with an AI-based customer service solution for a Fortune 1000 tech company, but this acquisition will put us into a whole new level.”
“We are enthusiastic about the potential that Hotify could bring,” said Neil Kumar Khanna, Vice President of Client Services and Operations of Sonasoft. “The value from potential sales, new markets, proprietary IP, a stellar engineering team as well as seasoned leadership in AI and software development will thrust the Company into a new space. We now have the potential to create revenue in line with other enterprise software companies. The possibilities are endless. With the acquisition of Hotify, the Company will be a force to reckon with, and our future looks incredibly bright.”
“Our time to market was perfect,” said Ankur Dinesh Garg, Chief Executive Officer of Hotify. “We launched our AI cloud-based platform, at the same time that Gartner recognized AI PaaS as a leading emerging technology. The AI market continues to grow exponentially. IDC forecasts that spending on AI and machine learning will grow to $57.6 billion by 2021.”
“Hotify’s AI has positioned itself as a front runner in this explosive industry with AI solutions already successfully installed in several global enterprise-level accounts with a high success rate,” Garg continued. “Our focus on a customer self-service offering that allows our artificial intelligence to significantly improve the customer experience while lowering costs has positioned us to rapidly grow in the enterprise space. The merger with Sonasoft will enable us to rapidly grow in this key market. Sonasoft has a proven sales team and access to many enterprise accounts, which will be able to accelerate our reach and win a significant share of this rapidly expanding market.”
Hotify has a number of exciting initiatives at various stages of progression, including R&D, strategic partnerships, additional acquisition targets, and the continued marketing and sales drive of its artificial intelligence technology. Additional updates can be expected in the coming weeks as these initiatives continue to develop.
About Hotify Inc.: Hotify is a software company that is focused on the development of artificial intelligence cloud-based solutions. Hotify creates intelligent enterprise solutions through its artificial intelligence platform as a service, which has been branded under the name NuGene. NuGene’s module cloud computing services allow Hotify’s engineers to develop and deploy enterprise AI applications within a 24-hour cycle. Hotify’s proprietary development strategy of utilizing granular robotic process automation bots allows Hotify to create AI solutions that are faster, more accurate, and more cost-efficient than competing cloud solutions.