SoundHound AI acquires SYNQ3 for $25M; creates largest voice AI provider for restaurants

SOUNDHOUND AI, INC.

Total consideration of $25M, plus up to $4M in earnout based on revenue targets for 2024-2026.
Consideration is ~20% cash and ~80% SoundHound Class A common stock at $2.23 per share.
Combined entity has over 10,000 signed restaurant locations; deal expected to close in Q1 2024.
SYNQ3 adds large national brands across drive-thru, fast casual, and convenience stores.
Synergies include enhanced AI models from 50M+ interactions and omnichannel voice ordering.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SOUNDHOUND AI, INC. entered into Agreement and Plan of Merger with Synq3, Inc., a Delaware corporation valued at $25 million (effective 2023-12-06).

Action: entry
Agreement: merger
Counterparty: Synq3, Inc., a Delaware corporation
Value: $25 million
Effective: 2023-12-06

Exact text from the filing

On December 6, 2023, SoundHound AI, Inc., a Delaware corporation (the “Company”), Black Knight Merger Sub I, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (“Merger Sub I”), Black Knight Merger Sub II, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of the Company (“Merger Sub II”), Synq3, Inc., a Delaware corporation (the “Target”) and Bluestem Capital Company, LLC (solely in its capacity as the representative of stockholders of the Target) entered into an Agreement and Plan of Merger (the “Merger Agreement”).

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SOUNDHOUND AI, INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-093913

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