24/7 Market News Snapshot 08 Aug 2024 – SoundHound AI, Inc. Class A Common Stock (NASDAQ: SOUN)

August 8, 2024 1:07

Press Release

DENVER, Colo., 08 August, 2024 (247marketnews.com) – (NASDAQ:SOUN) are discussed in this article.
SoundHound AI, Inc. (NASDAQ:SOUN) saw its Class A Common Stock open at $4.48 today, escalating to $5.17, marking a noteworthy 20.12% rise since the market opened. This significant uptick, compared to the previous session’s close at $4.30, comes on the back of robust investor interest, reflected in a substantial trading volume of 37.6 million shares. The stock’s movement past critical resistance levels points to sustained buying pressure, suggesting a potential continuation of this positive trend driven by favorable market sentiment or news.

In a strategic move to bolster its leadership in the conversational AI market, SoundHound AI has acquired Amelia, a renowned enterprise AI software firm. This acquisition enhances SoundHound AI’s capabilities in voice and conversational AI, positioning the combined entity to better serve various sectors, including retail, financial services, healthcare, automotive, and more.

The merger expands SoundHound AI’s customer service solutions, significantly increasing the company’s reach across nearly 200 prestigious clients, such as top multinational brands and Fortune 500 companies. The integration presents numerous benefits, including a strengthened position in the conversational AI sector, new opportunities in diverse industries, a well-distributed customer base, and significant cost and revenue synergies. Furthermore, it unlocks new monetization avenues in voice commerce, including food ordering and appointment scheduling across multiple devices.

The transaction, worth $80 million in cash and equity, includes assuming Amelia’s debt and potential earnout payments tied to revenue milestones. With this acquisition, SoundHound AI anticipates combined revenues to surpass $150 million by 2025, with Amelia contributing over $45 million in recurring AI software revenue. The deal is expected to be accretive to earnings by the latter half of 2025.

Keyvan Mohajer, CEO and Co-Founder of SoundHound AI, expressed confidence that the acquisition positions the company at the forefront of the conversational AI industry, enhancing their ability to provide superior AI-driven customer support solutions. Lanham Napier, President of Amelia, echoed this sentiment, highlighting the combined strengths that will propel their leadership in AI-driven customer service.

This merger is set to accelerate SoundHound AI’s progress in creating a comprehensive voice commerce ecosystem, driving forward their innovative voice-enabled transaction and service solutions.

About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.

24/7 Market News, Inc Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information.

CONTACT:
24/7 Market News
Editor@247marketnews.com

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.