Business
SoundHound AI to Acquire SYNQ3 to Expand Its AI Customer Service Solutions and Create the Largest Voice AI Provider for Restaurants
Merger will create a new AI market leader with over 10,000 restaurant locations and best-in-class voice AI solutions SANTA CLARA, Calif.--(BUSINESS WIRE)--
About this update from Soundhound Ai, Inc.
[{"type":"text","content":"\nMerger will create a new AI market leader with over 10,000 restaurant locations and best-in-class voice AI solutions\n\n\n SANTA CLARA, Calif.--(BUSINESS WIRE)--\nSoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, today announced a definitive merger agreement to acquire SYNQ3 Restaurant Solutions, a leading provider of voice AI and other technology solutions to the restaurant industry.\n\n\nThe deal will make SoundHound the preeminent U.S. provider of voice AI for restaurants, significantly extending its market reach by an order of magnitude to over 10,000 signed locations and accelerating the deployment of leading-edge generative AI capabilities to the industry. SYNQ3 will add large brands spanning drive thru, fast casual, casual segments, and convenience stores to SoundHound’s fast growing customer base – bringing the total to more than 25 national and multinational chains.\n\n\nThe highly complementary businesses will match nearly two decades of SoundHound AI innovation with decades of SYNQ3 industry expertise and established relationships. The SYNQ3 team brings deep restaurant sales, product, and customer service experience with an increasing focus on AI. Seasoned executive talent like CEO and Co-Founder Steve Bigari, a former McDonald’s operator, will strengthen SoundHound AI’s leadership as the company moves to rapidly roll out its best-in-class proprietary AI solutions to restaurants across the U.S. and beyond.\n\n\nOther immediate business benefits include:\n\n\n\nOver 100,000 restaurant locations in the combined pipeline, and over 10,000 signed\n\n\n\nA broad suite of AI products to offer SYNQ3’s established customer base additional value added services, including Dynamic Interaction, Smart Answering, and Employee Assist\n\n\n\nRevenue synergies with SoundHound’s existing restaurant business\n\n\n\nEnhanced AI models using data from over 50 million interactions to strengthen product performance\n\n\n\nOmnichannel voice and conversational AI offerings that allow restaurants to engage across multiple touchpoints\n\n\n\nAn acceleration of SoundHound’s monetization strategy via voice-enabled food and drink ordering in millions of cars, TVs, and IoT devices\n\n\n\n“In joining forces, SoundHound AI and SYNQ3 will be the go-to standard for cutting-edge voice and conversational AI solutions ...