SAN JOSE, CA, May 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE - Sonasoft Corp. (OTCQB: SSFT), a leader in innovative eDiscovery and artificial intelligence (AI) solutions, and Cornerstone Technologies, a Sonasoft company, are pleased to report their fiscal year-end (FSE) financials. Sonasoft posted audited revenue of $978,882 for fiscal year 2018, which is an increase of almost 72 percent over the revenue reported for fiscal year 2017 of $570K. Cornerstone Technologies posted unaudited revenue of $10,470,986 for fiscal year 2018. The combination of the two companies' revenue totals $11,449,878. The combined result marks an over 1,900 percent revenue increase year-over-year (YoY), compared to Sonasoft's 2017 results. The merger was completed in September 2018 once the audit requirement was satisfied; however, the Secretary of State of California did not process the finalization of the merger of Sonasoft Corp and Cornerstone Technologies until January 15, 2019. Therefore, the accounting books of each company were filed separately for fiscal year 2018.
The Company also completed a two-year audit for fiscal years 2017 and 2018 by ThayerONeal, Certified Public Accountants. The Company's full audit report is available to review on OTC Markets under the profile for Sonasoft Corp ( SSFT ):
The Company continues its integration with Cornerstone Technologies and Hotify, Inc. The anticipated synergies from these acquisitions and mergers have resulted in tangible results that will positively impact the Company's top-line revenue and bottom-line earnings. For instance, the Company has been able to utilize Cornerstone Technologies' solid enterprise client base to create new opportunities to install Sonasoft's software solutions, which includes intellectual property (IP) fully owned by the Company. This business model has not only led the Company to displace competing solutions with SonaVault Enterprise Information Archiving (EIA) Software Solution but has allowed the Company's artificial intelligence (AI) platform to be introduced to the Company's legacy enterprise clients.
"Sonasoft and Cornerstone Technologies have collectively exceeded $11.4 million, and we are energized to see our performance as we go forward," said Frank Velasquez, CEO of Sonasoft. "The synergies from the combined Company have already delivered impressive results. Instead of Cornerstone only selling third-party solutions, we can now offer our own IP. For instance, as a result of the merger, we were able to win a notable contract for our SonaVault Enterprise Information Archiving Software Solution with the San Jose Sharks hockey team by displacing a major competing solution. Other business deals are in the works, which include our recently revitalized SonaSQL Backup, Recovery, and Replication Software Solution. The Company has also expanded its signature software solution to archive over forty data points including social media platforms, cloud-based file sharing sites, and chat apps like Twitter, Facebook, Skype, SharePoint, OneDrive, ShareFile, Jabber, Slack, Yammer, and more. Sonasoft's archive solutions have expanded beyond email and are poised perfectly to capture business in the high-value enterprise space."
"Most exciting is the potential of our artificial intelligence (AI) platform, NuGene," continued Frank Velasquez. "We have earned several proof of concepts (PoC's) with our existing enterprise customers as well as some of the biggest names in the tech sector this year. Details will be announced when appropriate to do so. We anticipate that 2019 will be a year for many marquee wins for the company."
Further updates from the Company and its enterprise information archiving (EIA), eDiscovery, and artificial intelligence (AI) initiatives can be expected as initiatives continue to progress.
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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 an AI-first company and focuses on turning data into intelligence and solutions. Sonasoft's key offerings and services are about preserving data through enterprise information archiving (EIA), backup & recovery, replication, and migrations. The Company then makes this data discoverable and achieves compliance through its eDiscovery solutions. Most significantly, Sonasoft transforms enterprises' data into intelligent AI insights and creative solutions that increase ROI's. In short, the Company offers a closed-loop cycle with data to ensure that enterprises preserve their data, find their data, and utilize their data to make the best business decisions possible.
The Company is integrating 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 Enterprise Information Archiving and eDiscovery Software, as well as SonaVault Enterprise Information 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 recently updated and relaunched SonaSQL. SonaSQL allows enterprises to easily perform backup, recovery, and replication services to Microsoft SQL Servers. SonaSQL also allows enterprises to seamlessly migrate to Microsoft Azure. 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 archiving solutions. Sonasoft enterprise information archiving (EIA) 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 Hotify (a Sonasoft Company)
Hotify is an artificial intelligence (AI) software company. The Company is the creator of the NuGene AI Platform, which can develop robust intelligence agents (bots) in minutes. NuGene's agents can be applied to specific use cases across sectors and industries. These include identifying customer turnover in the retail sector, machine failure risk in manufacturing, sales forecast and demand with Fortune 500 companies, win-lose prediction within Salesforce opportunities, and accurate Q&A results with large online self-help centers.
Hotify has developed thousands of ready-to-use AI components as well as many proprietary algorithms as part of its platform. The Company has worldwide enterprise customers in multiple market segments.
The founders of Hotify have been developing the company and its AI technology internationally for a number of years, however Hotify Inc. was officially founded in the US in 2018 and is headquartered in Santa Clara, California.
For further information about Hotify Inc. and its advanced AI solution, please visit: http://hotify.ai/
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 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: https://cornerstonetechnologies.com/
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.
For more information about Sonasoft's enterprise information archiving (EIA) solutions and business continuity software, contact:
Mike KhannaSonasoft Corporation
Phone: (408) 708-4000
Source: Sonasoft Corp.