The successful completion of the Business Combination continues SoundHounds momentum over recent months with respect to key customers and expansion of its experienced and visionary executive team. These previously announced events included as a partner for its RDK platform solution, a to bring SoundHounds voice AI technology to Snapdragon platforms, an to provide auto captioning for Snapchatter videos, and an to voice-enable the majority of VIZIOs TVs and collaborate on interactive experiences. SoundHound was also recently named and expanded its leadership team with new executive appointments, including, Chief Financial Officer, and Zubin , Chief Revenue Officer.
The Business Combination will allow SoundHound to continue its forward momentum in the rapidly growing voice AI market, where, at 8.4 billion by 2024. SoundHound is at the forefront of innovation, delivering quality voice-enabled experiences for brands to grow customer loyalty and deliver continued value. Todays announcement comes at a time of rapid growth and transformation for SoundHound, as it surpassed one billion voice queries on its platform in the past year.
“Entering the public markets is a huge milestone for SoundHound and I am incredibly proud of our team and what weve accomplished together, said Keyvan Mohajer, CEO and Co-Founder of SoundHound. It is also an important milestone in the voice AI industry that an independent voice platform like ours can be a disruptor and provide more choice to businesses that want to enhance their customer experience with voice. Becoming a public company opens the door for expanded opportunities and to work with customers and partners across industries to continue our mission to voice-enable the world around us.
Dr. Eric Ball, former Chairman of Archimedes and now Chair of SoundHounds audit committee, said, “SoundHound’s breakthrough voice technology has already been adopted by leading brands in multiple sectors using voice AI. As a public tech company, SoundHound will be able to pursue invigorated growth, and additional royalties from its products, subscription from its services, and monetization from voice commerce opportunities. The company will have the resources to amplify its innovation and commercial outreach to new customers. With the completion of this merger between Archimedes and SoundHound, we are excited to finish this chapter and look forward to the voice-enabled future powered by the newly publicly traded SoundHound.
Transaction Details
As a result of the Business Combination, SoundHound has received significant proceeds to fund its accelerating new client-acquisition and expansion plans. Upon closing of the Business Combination, Dr. Eric Ball, former Chairman of Archimedes, joined SoundHounds Board of Directors.
Advisors
Guggenheim Securities, LLC is serving as financial advisor and capital markets advisor to SoundHound. Ellenoff Grossman & Schole, LLP is serving as legal advisor to SoundHound.
Cantor Fitzgerald & Co., Northland Securities, Inc., Wedbush Securities Inc., EarlyBirdCapital, Inc., and IB CAPITAL LLC served as capital markets advisors and Loeb & Loeb LLP served as legal advisor to Archimedes.
