Sonasoft (SSFT) Outlines Goals & Revenue Guidance for 2019
Thursday, January 10, 2019 7:30:00 AM ET
San Jose, CA, Jan. 10, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Sonasoft Corp. (OTCQB: SSFT ), a leader in innovative eDiscovery and artificial intelligence (AI) solutions, is pleased to provide shareholders with its goals and revenue guidance for 2019.
In 2018, Sonasoft posted a number of significant achievements, which positioned the Company for substantial growth and expansion. These achievements include:
- Increased revenue significantly compared to the previous year
- Uplisted to the OTCQB Venture Market
- Completed a two-year audit
- Developed Key partnership with Exterro
- Secured Major clients such as the San Jose Sharks and Golden Gate Bridge
- Successfully launched its Artificial Intelligence (AI) Platform
- Secured first AI customer contract from Fortune 1000 company
- Completed a preferred share rollup that reduced its outstanding share count of common stock by nearly 50 percent
“We had quite an exciting year for 2018,” said Andy Khanna, CEO of Sonasoft. “We are even more enthusiastic to enter 2019 and build on the momentum already achieved. We have a number of initiatives ready to launch that will add significant value to the Company, so 2019 should be another tremendous year for the company and its shareholders.”
GOALS FOR 2019:
Additional Acquisitions & Mergers
The Company intends to acquire at least one more company in 2019, but it may acquire up to three companies if there is a strong value proposition. The Company has entered negotiations with two complementary companies which would add significant value to the organization. Sonasoft is looking for perfect fits that will strengthen its intellectual property (IP) and boost immediate bottom-line revenue as well as deliver an overall profit.
Emphasis on Enterprise Market Accounts
The Company is shifting away from the SMB market and moving towards larger enterprise-sized accounts. This is a natural progression for the business following the 2018 acquisition of Cornerstone Technologies and its strategic partnership with Exterro, the recognized leader in the eDiscovery and legal software market. Sonasoft’s eDiscovery and email archiving solutions are ready for the enterprise market. The recently announced customer-win of NHL team, the San Jose Sharks, where Sonasoft’s solution displaced a leading enterprise-level competitor clearly demonstrates that Sonasoft can compete and become a key player in this market.
Expand on the Strategic Partnership with Exterro
The Company intends to expand on its strategic partnership with Exterro. The Company will further integrate its SonaVault Archiving and eDiscovery Solution to enhance Exterro’s Orchestrated E-Discovery Suite. This will make the Company’s own IP solution a high-value proposition that is expected to increase revenue in the enterprise market.
Expand Its Artificial Intelligence (AI) Platform & Increase Sales
Sonasoft further intends to expand its artificial intelligence (AI) platform to offer new solutions to an array of industry needs. As announced last year, the Company won a major contract from a Fortune 1000 Tech Company to increase the accuracy of its online technical support search portfolio to reduce costs and increase customer satisfaction. For 2019, the Company also intends to offer AI-based solutions that will predict and then prevent non-performing assets in the financial sector, forecast sales and revenue, calculate the demand for support, and apply other predictive applications to real business challenges. The Company has already tested these enhanced AI functionalities and is currently engaged with potentially interested enterprise customers to adopt them.
Following the acquisition of Cornerstone Technologies, the launch of its AI Solution, and after securing a number of large customers last year, the Company projects significant revenue increases for 2019 compared to 2018. Further, the Company continues to press forward with the sales process for its AI solution, targeting large enterprise customers and has a number of deals progressing well. With all of this considered, it is difficult to accurately forecast revenues, however, the potential is enormous. As the year progresses, the Company intends to release its revenue predictions for 2019 year-end.
Strategic Marketing Initiatives
Sonasoft has engaged with a marketing firm to add a stream of fresh and engaging content to position itself as a thought leader in the eDiscovery and Artificial Intelligence (AI) space. The goal is to increase enterprise-level leads, awareness of the brand and its products, and position itself as a recognized leader in the industry through organic SEO and various other forms of marketing and online advertising.
“This is an exciting time for Sonasoft,” said Andy Khanna, CEO of Sonasoft. “The Company is at a stage where it’s about to really take off. We completed every single one of the goals that we announced last February 2018. Now, we are making equally ambitious but absolutely attainable goals for 2019. We are confident that the hard work and strategic initiatives will continue to pay off resulting in strong growth and increased revenue throughout the year. I am extremely proud of our team members for what they have accomplished, and I have the utmost confidence that this success will continue throughout 2019.”
Additionally, the Company is pleased to announce that Sonasoft’s President, Mike Khanna, has been appointed to its Board of Directors effective immediately. Mike Khanna will continue in his current position as President and will oversee investor relations (IR) and marketing for the Company.
Further updates regarding the Company and its 2019 initiatives can be expected in the coming weeks.
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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
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
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.
Source: Sonasoft Corp.