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SoundHound Acquires Amelia AI for $80 Million to Expand Enterprise Services
SoundHound, the AI company known for voice interface technology, is expanding its enterprise services by acquiring Amelia AI. Amelia provides customizable AI agents for businesses, with customers including BNP Paribas and Fujitsu. SoundHound will pay $80 million in cash and equity for the acquisition. The combined company aims to have 200 customers and generate $150 million in revenue by 2025.
SoundHound's move into verticals such as financial services, insurance, healthcare, retail, and hospitality is facilitated by the purchase. Both companies have a history in AI, with SoundHound founded in 2005 and Amelia (formerly IPsoft) in 1998. The AI technology sector is seeing significant investment, but concerns about overvaluation persist. SoundHound has recently made other acquisitions, including Allset and SYNQ3.
Brief news summary
AI company SoundHound is expanding its enterprise services through the acquisition of Amelia AI. SoundHound will pay $80 million in cash and equity for Amelia, allowing it to enter verticals such as financial services, insurance, healthcare, retail, and hospitality. The combined company expects to have around 200 customers, with projected revenue of $150 million in 2025. SoundHound's previous valuation was $2.1 billion, but it experienced a decline and currently has a market cap of $1.4 billion. The deal includes SoundHound assuming Amelia's debt, resulting in $160 million in cash and $39 million in debt.
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