SoundHound AI Acquires Amelia for $80M and Reports Record Q2 Growth

SoundHound AI ( $SoundHound AI (SOUN.US)$ ) has acquired Amelia, an enterprise AI software provider, for $80 million, marking a strategic expansion into new sectors such as healthcare, financial services, and retail. The acquisition is expected to enhance SoundHound’s voice AI technology and open up new market opportunities. Amelia, known for its Conversational AI platform and AIOps, will bring additional expertise and intellectual property to SoundHound's portfolio.

In its Q2 2024 financial report, SoundHound AI reported a record revenue of $13.5 million, a 54% year-over-year increase. The company ended the quarter with over $200 million in cash and a strong subscription and bookings backlog of $723 million. Despite a GAAP net loss of $37.3 million, the company’s adjusted EBITDA loss was $13.8 million, reflecting ongoing investment in growth.

SoundHound CEO Keyvan Mohajer highlighted the significant impact of the Amelia acquisition, stating it would bolster the company’s presence in the conversational AI market. With strong customer momentum and a solid cash position, SoundHound is well-positioned to capitalize on the growing demand for AI solutions.