SoundHound Closes LivePerson Deal, Names New CFO and Retires Debt
SOUN sits 19% above its 52-week low of $5.65.
Summary
SoundHound AI has completed its acquisition of LivePerson, creating a combined company with 25 of the Fortune 100 as customers and over 750 patents. The deal was originally announced in July and renegotiated terms were finalized; this closing follows shareholder approval on September 2. The company also appointed John Collins, former LivePerson CFO/COO/interim CEO, as CFO of the combined entity. LivePerson's outstanding debt has been retired, leaving a debt-free balance sheet. Management targets more than $500M in future revenue from the existing customer base alone. LivePerson stock will cease trading on Nasdaq.
At the time of this announcement, SOUN was trading at $6.71 on NASDAQ in the Technology sector, with a market capitalization of approximately $3B. The 52-week trading range was $5.65 to $22.17. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.