Business
Cerence Signs Largest Contract in Its History for Voice- and AI-based Automotive Assistants
$125 million contract with large European OEM is significantly higher than prior contracts for Cerence BURLINGTON, Mass., March 04, 2020 (GLOBE NEWSWIRE) --
About this update from Cerence Inc.
[{"type":"text","content":"$125 million contract with large European OEM is significantly higher than prior contracts for Cerence\nBURLINGTON, Mass., March 04, 2020 (GLOBE NEWSWIRE) -- Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced it has signed the largest contract in its history. \n In fiscal Q2 2020, Cerence signed a global contract with a valuation of $125 million with a large European car manufacturer for its industry-leading voice- and AI-based automotive assistants. This contract is significant for the company both in its size and as a validation of OEM partnerships for integrated, branded and differentiated voice assistants and technologies. “This is a tremendous milestone for Cerence and further evidence of strong momentum in our business,” said Sanjay Dhawan, CEO of Cerence Inc. “We are proud and grateful for the continued trust that our automotive customers have placed in the Cerence team and our products as we create a safer, more enjoyable journey for everyone.” About Cerence Inc.Cerence (NASDAQ: CRNC) is the global industry leader in creating unique, moving experiences for the automotive world. As an innovation partner to the world’s leading automakers, it is helping transform how a car feels, responds and learns. Its track record is built on more than 20 years of knowledge and almost 325 million cars on the road today. Whether it’s connected cars, autonomous driving or e-vehicles, Cerence is mapping the road ahead. For more information, visit www.cerence.com. Forward-Looking Statements Statements in this press release regarding Cerence’s future performance, results and financial condition, expected growth and innovation and our management’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “intends” or “estimates” or similar expressions) should also be considered to be forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risk, uncertainties and other factors, which may cause actual results or performance of the company to be materially different from an...