SoundHound AI To Acquire SYNQ3 To Expand Its AI Customer Service Solutions And Create The Largest Voice AI Provider For Restaurants; Soundhound Is Expected To Pay A Total Consideration Of $25M Over The Next 3-Years
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SoundHound AI, Inc. (NASDAQ:SOUN) has announced a definitive merger agreement to acquire SYNQ3 Restaurant Solutions, aiming to become the largest voice AI provider for restaurants. The deal, valued at $25M over three years with potential additional consideration based on revenue targets, will expand SoundHound's market reach to over 10,000 restaurant locations. The merger combines SoundHound's AI innovation with SYNQ3's industry expertise, offering a broad suite of AI products and enhancing AI models with data from over 50 million interactions. The transaction is expected to close in the first quarter of next year, with further details to be provided in SoundHound's fourth quarter 2023 earnings call.
December 07, 2023 | 2:01 pm
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SoundHound AI's acquisition of SYNQ3 positions it as a leading voice AI provider for restaurants, significantly expanding its customer base and enhancing its AI offerings. The deal is expected to create revenue synergies and accelerate SoundHound's monetization strategy.
The acquisition of SYNQ3 by SoundHound AI is a strategic move that is likely to be viewed positively by investors. It not only expands the company's market reach but also enhances its product offerings and potential for revenue growth. The deal is significant for SoundHound AI's growth trajectory, and thus, it could have a positive short-term impact on the company's stock price.
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