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SoundHound AI Acquires Amelia, Expanding Its Scale and Reach In Conversationa...
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SOUNDHOUND AI ACQUIRES AMELIA, SIGNIFICANTLY EXPANDING ITS SCALE AND REACH IN
CONVERSATIONAL AI ACROSS NEW VERTICALS AND HUNDREDS OF ENTERPRISE BRANDS

Amelia brings a strong legacy in enterprise AI along with customer service
contracts from multinationals across finance, insurance, retail, and healthcare



SoundHound AI Acquires Amelia, Significantly Expanding Its Scale and Reach In
Conversational AI Across New Verticals and Hundreds of Enterprise Brands

SANTA CLARA, CA, August 08, 2024 – SoundHound AI, Inc. (Nasdaq: SOUN), a global
leader in voice artificial intelligence, today announced the acquisition of
Amelia, a leading enterprise AI software company. The business combination
positions SoundHound AI as the foremost provider of voice and conversational
generative AI, with reach across multiple industries – including retail,
financial services, healthcare, automotive, smart devices, restaurants, and
more. 

The companies will bring together decades of experience in conversational AI –
and highly complementary product portfolios – to offer best-in-class, scalable
customer service support to a vast spectrum of businesses. These include some of
the very largest multinational enterprise brands, top 15 global banks, and
Fortune 500 organizations, with the combined company spanning nearly 200 marquee
customers. 

For SoundHound AI, the deal marks a significant and strategic expansion of its
existing customer service pillar, adding breadth and depth to a division that
has seen substantial growth amid the accelerated adoption of voice and
conversational generative AI solutions. The acquisition positions the company at
the center of this burgeoning space, as enterprise spending on generative AI is
forecast to gather more momentum, reaching between $175 billion and $250 billion
by 2027 (McKinsey, June 2024). Customer service is identified as a key area for
disruption. 

Combination Synergies:

 * Leading Position In Conversational AI: Combination of AI expertise,
   proprietary technology, complementary product offerings, and extensive
   cross-industry deployment gives the unified company a distinct competitive
   advantage in the burgeoning conversational AI space 
 * Vertical Expansion Into Large Addressable Markets: Introduces new, sizable
   vertical industries – massively increasing the combined company’s addressable
   markets – with reach into industries such as healthcare, insurance, financial
   services, and retail, with the potential for more 
 * Diversification of Customer Base: Hundreds of large enterprise brands, with
   no single customer accounting for more than 10% of total combined revenue
 * Revenue and Cost Advantages: Unlocks cross-selling and up-selling revenue
   opportunities,  while SoundHound’s proprietary tech and cloud migration is
   expected to create cost savings
 * New Monetization Opportunities: Expansive voice commerce opportunities, from
   ordering food, to buying tickets, and making appointments from millions of
   devices powered by SoundHound AI
 * Integrations and Capabilities: Deep integration with multiple large
   enterprise customers and channel partners as well as a global presence that
   includes a strong R&D center in Bangalore, India

Acquisition Financials:

 * Purchase price of $80M in cash and equity, with partial payment and
   assumption of Amelia’s debt, as well as future earnout potential aligned to
   revenue milestone achievements
 * Combined revenue in 2025 is expected to exceed $150M with Amelia contributing
   over $45M in recurring AI software revenue, plus other non-software revenues
   such as professional services and agent-related fees. 
 * Transaction is expected to be accretive to SoundHound earnings in the second
   half of 2025, with meaningful revenue and cost synergies driving growth and
   profitability expansion in subsequent years
 * At closing, the combined company holds approximately $160M of cash and $39M
   of debt

As well as accelerating and scaling SoundHound AI’s customer service offering,
this move also allows the company’s vision of a voice commerce ecosystem to
become more ambitious in its scope. With its recent acquisition of food ordering
marketplace Allset, SoundHound AI began to expedite plans to bring voice
transactions – like food ordering – to its range of voice-enabled products,
including vehicles, TVs, and devices. Now Amelia brings new industries to this
monetization pillar, with the potential to add consumer transactions across
healthcare, financial services, and retail to the vision.

“SoundHound AI has emerged as a  leader in bringing voice-enabled conversational
AI to products and services. Now with more businesses choosing voice AI
technology for customer service – and more consumers expecting a seamless,
AI-powered service – this acquisition positions SoundHound as a strong force
with range, scale, and world class technology,” said Keyvan Mohajer, CEO and
Co-Founder of SoundHound AI. “Amelia is an innovative company that shares our
passion for AI-fueled conversations. We are looking forward to leveraging our
shared capabilities to offer the best AI customer support solutions available
anywhere.” 

“We’re excited to bring Amelia’s experience and relationships to SoundHound AI,
bolstering the company’s growing AI customer service business to form a new
category leader in the space,” said Lanham Napier, President of Amelia and
Co-Founder of BuildGroup. “With impressive penetration into a range of vertical
industries, proprietary technology, and decades of combined AI experience,
SoundHound is well positioned to take advantage of burgeoning interest in
conversational AI customer support.”  

Alongside partner relationships built over 25 years, Amelia brings additional AI
expertise to SoundHound, as well as new intellectual property, and the ability
to effortlessly execute on a broader range of integrations with enterprise
software. Amelia has a reputation for excellence in conversational AI, being
recognized as a leader in the Gartner® Magic Quadrant™ for Enterprise
Conversational AI Platforms for 2 consecutive years. 

UBS Investment Bank served as the exclusive financial advisor to SoundHound.

Additional Information

In connection with the transaction, the Company is granting an aggregate of
3,738,317 restricted stock units (RSUs) as inducement awards to 333 Amelia
employees in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs are being
issued pursuant to the Company’s recently adopted 2024 SoundHound AI, Inc.
Employment Inducement Incentive Award Plan (the “Inducement Plan”), have been
approved by the Company’s Compensation Committee and are a material inducement
for the retention of Amelia employees following completion of the merger. The
RSUs begin vesting after one year of service and will vest monthly thereafter in
equal installments through the fourth anniversary of the grant date, subject to
the relevant employee’s continued service to the Company on each vest date.
Additionally, the Compensation Committee approved the granting of 949,450 RSUs
to 26 new hires of the Company under the Inducement Plan. The RSUs, which are a
material inducement for each employee entering into employment with the Company,
begin vesting after one year of service and will vest monthly thereafter in
equal installments through the fourth anniversary of the grant date, subject to
the relevant employee’s continued service to the Company on each vest date.

Learn more about SoundHound AI here. 

About SoundHound AI 

SoundHound (Nasdaq: SOUN), a global leader in conversational intelligence,
offers voice AI solutions that let businesses offer incredible conversational
experiences to their customers. Built on proprietary technology, SoundHound’s
voice AI delivers best-in-class speed and accuracy in numerous languages to
product creators across  automotive, TV, and connected devices, and to customer
service industries via groundbreaking AI-driven products like Smart Answering,
Smart Ordering, and Dynamic Drive Thru, an AI-powered multimodal food ordering
solution. Along with SoundHound Chat AI, a powerful voice assistant with
integrated Generative AI, SoundHound powers millions of products and services,
and processes billions of interactions each year for world class businesses.

About Amelia

Amelia is one of the world’s largest privately held AI software companies and a
global leader in Enterprise Conversational AI. The company’s technology is
trusted by organizations across an array of industries to automate operations,
improve customer experience and optimize business outcomes. Amelia’s platform
develops and deploys AI tools that manage critical tasks and processes, enabling
employees to be more productive and deliver better results while reducing
operational costs. Consistently recognized by third-party analyst firms
including Gartner’s Magic Quadrant 2023 as a market leader, Amelia has powered
the voice operations of global Fortune 500 leaders. Backed by strategic
investments from the Build Group and Monroe Capital, Amelia is headquartered in
New York City and serves customers globally.

Media Contact:

Fiona McEvoy

415 610-6590

PR@SoundHound.com 

Forward Looking Statements

This press release contains forward-looking statements, which are not historical
facts, within the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. In some cases, you can identify forward-looking statements by the
use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,”
“likely,” “will,” “would” and variations of these terms and similar expressions,
or the negative of these terms or similar expressions. These forward-looking
statements include, but are not limited to, statements concerning our ability to
implement our business strategy and anticipated business and operations,
including our ability to successfully integrate Amelia and realize the benefits
of the acquisition, and our expected financial performance, including our
ability achieve our 2025 revenue forecast and be adjusted EBITDA positive by the
end of 2025. Such forward-looking statements are necessarily based upon
estimates and assumptions that, while considered reasonable by us and our
management, are inherently uncertain. As a result, readers are cautioned not to
place undue reliance on these forward-looking statements.

Our actual results may differ materially from those expressed or implied by
these forward-looking statements as a result of risks and uncertainties
impacting SoundHound AI’s business including, the challenges and costs of
integrating and achieving anticipated synergies and benefits of the Amelia
acquisition and the risk that the anticipated benefits of the transaction may
not be fully realized or take longer to realize than expected, our market
opportunity and our ability to acquire new customers and retain existing
customers, including customers of Amelia, and those other factors described in
our risk factors set forth in our filings with the Securities and Exchange
Commission from time to time, including our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We do not intend
to update or alter our forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by applicable law.






At SoundHound, we believe every brand should have a voice. As the leading
innovator of conversational technologies, we’re trusted by top brands around the
globe.

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