Sonasoft Signs LOI to Acquire AI Company Hotify

Sonasoft Corp., a leader in innovative eDiscovery and artificial intelligence (AI) solutions, announces that it has jointly signed a non-binding letter of intent (LOI) with Hotify Inc. to acquire Hotify along with all its related interests and assets. Hotify Inc. is an artificial intelligence (AI) software company and is the developer of NuGene, an AI cloud-based platform that adds intelligence to solve many industry-specific challenges.

Press Announcement

Sonasoft Corp., a leader in innovative eDiscovery and artificial intelligence (AI) solutions, announces [January 31, 2019] that it has jointly signed a non-binding letter of intent (LOI) with Hotify Inc. to acquire Hotify along with all its related interests and assets.

Hotify Inc. is an artificial intelligence (AI) 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 (R&D), intellectual property (IP), 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, CEO 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.  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.”

The Company 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 (AI) cloud-based solutions. Hotify creates intelligent enterprise solutions through its artificial intelligence platform as a service (AI PAAS), 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 (RPA) bots allows Hotify to create AI solutions that are faster, more accurate, and more cost-efficient than competing cloud solutions.

Hotify has world-wide enterprise customers in multiple market segments. Hotify Inc. was founded in 2018 and is headquartered in Santa Clara, California.

About Sonasoft

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 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 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 the modern data center, data and cloud migrations, data archivals, eDiscovery, 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.

Additional Reading

Source: ComplexDiscovery

Business as Unusual? Eighteen Observations on eDiscovery Business Confidence in the Summer of 2020

The results of the recent Summer 2020 eDiscovery Business Confidence Survey present the unfortunate and continuing impact of COVID-19 on the business of eDiscovery. However, for these pandemic-driven results to be fully understood, they should be viewed through the contextual lens of the results of all nineteen surveys that have been administered to eDiscovery professionals since the inception of the eDiscovery Business Confidence Survey in early 2016.



Check Out the Observations Now!

ComplexDiscovery combines original industry research with curated expert articles to create an informational resource that helps legal, business, and information technology professionals better understand the business and practice of data discovery and legal discovery.

All contributions are invested to support the development and distribution of ComplexDiscovery content. Contributors can make as many article contributions as they like, but will not be asked to register and pay until their contribution reaches $5.

Reveal Acquires NexLP

According to Jay Leib, Co-Founder and CEO of NexLP, "We chose...

Predictive Coding Technologies and Protocols: Fall 2020 Survey

The Predictive Coding Technologies and Protocols Survey is a non-scientific semi-annual...

Sharing is Caring? ayfie Group Lists on Merkur Market of Oslo Stock Exchange

According to Johannes Stiehler, CEO of ayfie Group, in a July...

XDD Acquires Anexsys

According to David Moran, XDD President and COO, “Complementing our recent...

A Running List: Top 100+ eDiscovery Providers

Based on a compilation of research from analyst firms and industry...

The eDisclosure Systems Buyers Guide – 2020 Edition (Andrew Haslam)

Authored by industry expert Andrew Haslam, the eDisclosure Buyers Guide continues...

The Race to the Starting Line? Recent Secure Remote Review Announcements

Not all secure remote review offerings are equal as the apparent...

Enabling Remote eDiscovery? A Snapshot of DaaS

Desktop as a Service (DaaS) providers are becoming important contributors to...

Home or Away? New eDiscovery Collection Market Sizing and Pricing Considerations

One of the key home (onsite) or away (remote) decisions that...

Revisions and Decisions? New Considerations for eDiscovery Secure Remote Reviews

One of the key revision and decision areas that business, legal,...

A Macro Look at Past and Projected eDiscovery Market Size from 2012 to 2024

From a macro look at past estimations of eDiscovery market size...

An eDiscovery Market Size Mashup: 2019-2024 Worldwide Software and Services Overview

While the Compound Annual Growth Rate (CAGR) for worldwide eDiscovery software...

Predictive Coding Technologies and Protocols: Fall 2020 Survey

The Predictive Coding Technologies and Protocols Survey is a non-scientific semi-annual...

Business as Unusual? Eighteen Observations on eDiscovery Business Confidence in the Summer of 2020

Based on the aggregate results of nineteen past eDiscovery Business Confidence...

A Growing Concern? Budgetary Constraints and the Business of eDiscovery

In the summer of 2020, 56% of respondents viewed budgetary constraints...

A Change in Tempo? eDiscovery Operational Metrics in the Summer of 2020

In the summer of 2020, 91 eDiscovery Business Confidence Survey participants...

Reveal Acquires NexLP

According to Jay Leib, Co-Founder and CEO of NexLP, "We chose...

Sharing is Caring? ayfie Group Lists on Merkur Market of Oslo Stock Exchange

According to Johannes Stiehler, CEO of ayfie Group, in a July...

XDD Acquires Anexsys

According to David Moran, XDD President and COO, “Complementing our recent...

HaystackID and NightOwl Global Merge

According to today's announcement, the NightOwl merger is HaystackID's fourth major...

Five Great Reads on eDiscovery for July 2020

From business confidence and operational metrics to data protection and privacy...

Five Great Reads on eDiscovery for June 2020

From collection market size updates to cloud outsourcing guidelines, the June...

Five Great Reads on eDiscovery for May 2020

From review market sizing revisions to pandemeconomic pricing, the May 2020...

Five Great Reads on eDiscovery for April 2020

From business confidence to the boom of Zoom, the April 2020...

[New Survey]
[New Survey]