Sonasoft Corp (SSFT) announces that it has attained its third artificial intelligence (AI) company in 2019 with the acquisition of OPtimAIze, Inc.
(As published on Nasdaq GlobeNewswire)
October 8, 2019 – San Jose, California, Sonasoft Corp. (OTCQB: SSFT), a leader in innovative artificial intelligence (AI) and data management solutions, today announced that it has completed the acquisition of OPtimAIze, Inc., an Artificial Intelligence software company that focuses on AI solutions for software product engineering teams.
Sonasoft now has the solution to establish itself as a leading provider of AI for software product development. According to the analysts at Statista that the enterprise software market alone had a global market size of over $457 billion in 2019. IDC also forecasted that worldwide spending on artificial intelligence (AI) will reach $776 billion by 2022. Sonasoft is well-positioned to gain significant market share in a large existing market that is poised to accelerate with an anticipated adoption of AI. The Company also intends to integrate OPtimAIze’s platform into Sonasoft’s existing AI platform, NuGene.
OPtimAIze’s AI platform has unique capabilities that automatically identify and manage risk associated with developing and releasing software updates to an existing software product or platform. Sometimes these updates adversely impact the product’s functionality, which in turn negatively impact customer satisfaction and brand reputation. Managing these risks and determining how these updates interact with the product as a whole is a big challenge. Most software development teams are limited to narrow knowledge domains that can miss compatibility problems that can negatively affect users.
To counter these challenges, OPtimAIze developed an AI platform that has an exclusive data-driven process that automatically identifies and predicts the risk of compatibility conflicts early in the software development process. As a result, software engineering teams can be confident that their final releases and fixes will function as intended.
“To advance our AI platform to specifically hone in on solutions for software product development, capitalizes on a significant emerging market opportunity,” said Vikas Agrawal, Sonasoft’s Chief Innovation Officer and founder of OPtimAIze. “Through our AI-enhanced automation, we can now solve a problem that regularly tests the trust and confidence of information technology users with their technology providers. Our AI platform is built on the latest artificial intelligence (AI) and machine learning (ML) technologies, which provide unprecedented visibility into potential compatibility problems of a software release well before it goes live. This is an area where AI will favorably impact the experience of virtually all technology users while reducing the software industry’s direct and indirect costs of maintaining their products. In the last six months, we’ve come a long way since our initial efforts to develop AI solutions for IT infrastructure and operations to expand into the field of AI for software development.”
“Sonasoft has now acquired three AI companies this year with the acquisition of OPtimAIze, well ahead of even our most optimistic expansion scenario,” said Frank Velasquez, CEO of Sonasoft. “Those who have ever updated their software and found that key components were no longer working properly, understand the value proposition that our new technology will bring. As software becomes more complex and cybersecurity risks are ever-increasing, the software industry needs to take more proactive software update quality assurance measures to maintain functionality, security, and customer satisfaction. Through this acquisition, Sonasoft is poised to be a leading provider of the solutions that enable them to do that.”
Based in Silicon Valley since 2003 Sonasoft is a public company (SSFT) providing solutions that create significant competitive advantages from data, the most valuable corporate asset in the digital economy. Our artificial intelligence platform and software capabilities harness data to enable businesses to accelerate and improve decision making, increase operational efficiency, and automate critical processes.
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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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