Sonasoft Corp. (SSFT) Announces Letter of Intent to Acquire Cornerstone Technologies
nounces Letter of Intent to Acquire Cornerstone Technologies
Published: Jan 4, 2018 7:00 a.m. ET - SAN JOSE, Calif., Jan 04, 2018 (GLOBE NEWSWIRE via COMTEX) -- Sonasoft Corp. (otcpk:SSFT), (the "Company"), a leader in eDiscovery solutions and business continuity services, is pleased to announce that it has signed a non-binding letter of intent (LOI) with Cornerstone Technologies, to acquire Cornerstone Technologies and all related interests and assets.
Based in the heart of Silicon Valley, Cornerstone Technologies is a leading provider of engineering services focused on the design, deployment, migration, and management of IT workloads for enterprise customers. With expert focus on messaging migration, identity access management, 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:
"This is an excellent match," said Andy Khanna, CEO of Sonasoft Corp. "Cornerstone Technologies has perfected the business model for IT services. Its sales team knows how to get in front of the right customers and win deals. Cornerstone's execution is stellar. Best of all, Cornerstone Technologies offers expert services not only in the technical niches that Sonasoft offers but across broader IT solutions. It just fits and expands Sonasoft's reach across the IT enterprise."
Sonasoft's intent is to acquire Cornerstone Technologies, which will continue to operate as a wholly owned subsidiary of Sonasoft under the management of Frank Velasquez, who founded Cornerstone Technologies in 2007. Cornerstone's technical expertise and proven track record with service delivery and project management would significantly enhance the company's ability to expand its market reach and to develop, design, and deliver new products and technological solutions to the industry.
"We are extremely excited about the prospect of teaming up with Sonasoft and the potential of our combined organizations," said Frank Velasquez, President and CEO of Cornerstone Technologies. "The possibilities are endless. Sonasoft's strength is in its first-rate technology solutions; Sonasoft knows how to develop products that solve real problems. Our engineering services team's technical expertise and success with project management when coupled along with Sonasoft's technology and solutions will create a seamless synergy."
This acquisition would immediately result in an approximate $15 million in added annual revenue to the combined company's bottom line, which further strengthens and positions Sonasoft for a rapid expansion into 2018 and beyond.
The combining of these two established leaders in the IT space is a strategic move to prepare for the launch of a breakthrough technological product which has been under development at Sonasoft for quite some time. This product relates to eDiscovery and analytics; it has the potential to become a standard in a number of related industries. Details relating to this project will be released in the near future. Additionally, Sonasoft will enable Cornerstone Technologies to expand and deepen its service offerings in the rapidly changing IT landscape.
The closing of this acquisition is subject to the completion of due diligence and execution of definitive agreements. Shareholders and the investment community will be kept updated regarding the details of this acquisition accordingly.
For a no-cost consultation or to learn more about Sonasoft's email archiving and eDiscovery solutions and professional migration services:
To learn more about Cornerstone Technologies' services and for a no-cost consultation for solutions it can provide:
Sonasoft Corporation is a publicly traded corporation and is listed on the OTC Markets under the trading symbol SSFT. Sonasoft's core business model includes enterprise-class email 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 5.0 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 small and medium-sized businesses, governments, school districts, organizations, and enterprises. Sonasoft recently expanded its product offering to include an email archiving and eDiscovery platform in the cloud. The company currently is developing its second-generation cloud offering, which also will include a public request workflow with auditing features and data analytics. 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.
For more information about Sonasoft's email archiving solutions and business continuity software, contact:
Mike Khanna, President
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.
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