SoundHound AI Acquires Ordering Platform Allset to Fast-Track Its Vision of a Voice Commerce Ecosystem
SoundHound AI has acquired key assets from Allset, an online ordering platform. This acquisition aims to enhance SoundHound's vision of a voice commerce ecosystem, allowing consumers to order food via voice AI from various devices like cars, phones, and smart devices.
Allset’s team will join SoundHound, contributing their expertise and expanding SoundHound's restaurant partnerships and technological capabilities. Allset's existing restaurant partners and new signups will gain access to SoundHound's voice AI products, aiming to improve operational efficiency and increase sales.
The acquisition includes plans to integrate voice-enabled food and drink ordering across millions of devices. SoundHound already collaborates with over 10,000 restaurant locations and works with major clients in sectors like smart devices, TVs, and automotive. The Allset leadership team, including Co-Founders Stas Matviyenko and Anna Polishchuk, will play a pivotal role in advancing SoundHound's voice monetization platform.
- Acquisition of Allset enhances SoundHound’s voice AI capabilities and restaurant partnerships.
- Integration of Allset will enable voice-enabled food and drink ordering across various devices.
- Allset's nearly 7,000 restaurant partners will gain access to SoundHound’s voice AI products, potentially improving operational efficiency and sales.
- SoundHound collaborates with over 10,000 restaurant locations, demonstrating market leadership in voice AI solutions.
- No specific negative aspects were reported in the given press release.
Insights
The acquisition of Allset by SoundHound AI presents notable potential for revenue growth. By integrating Allset’s existing 7,000 restaurant partners, SoundHound can expand its customer base significantly. This strategic move also allows for the cross-selling of SoundHound’s voice AI solutions, thereby diversifying its income streams.
Financially, this acquisition could reduce costs related to customer acquisition and enhance margins by offering bundled services. However, investors should note that the immediate effect on earnings might be minimal due to potential integration costs and time needed to realize synergies.
Long-term, this acquisition aligns with industry trends towards conversational AI and can lead to a competitive edge in the voice commerce market, a burgeoning sector with substantial growth prospects.
This acquisition augments SoundHound AI’s capabilities in deploying voice-enabled ordering systems across various platforms, including vehicles and smart devices. The integration of Allset’s technology and expertise can enhance the accuracy and efficiency of voice interactions, addressing a major challenge in voice AI technology.
From a technical perspective, the collaboration can drive innovation in natural language processing (NLP) and voice recognition, potentially leading to superior user experiences. This is particularly relevant as users increasingly expect seamless and intuitive interactions with their devices.
The acquisition positions SoundHound AI strategically within the food service industry, a market ripe for disruption through technology. As consumers demand more contactless and convenient ordering options, integrating voice AI can meet these expectations effectively.
By absorbing Allset’s marketplace know-how and restaurant relationships, SoundHound can penetrate deeper into the market, potentially increasing its market share. However, success will depend significantly on how effectively the company can integrate Allset’s platform and leverage its capabilities.
This move also opens opportunities for partnerships and collaborations, aligning with the growing trend of digital transformation in the hospitality sector.
The acquisition will ultimately enable consumers to use cutting-edge voice AI to order food from their vehicles, phones, and smart devices
SoundHound AI Acquires Ordering Platform Allset to Fast-Track Its Vision of a Voice Commerce Ecosystem (Photo: Business Wire)
The closing of the acquisition will bring additional restaurant relationships, engineering skills, and marketplace know-how to SoundHound AI as it builds towards its vision of a voice commerce ecosystem that enables consumers to access goods and services through natural conversation. This includes plans to facilitate voice-enabled food and drink ordering across millions of cars, TVs, and smart devices.
Founded in 2015, Allset is a food ordering platform designed for local pick-up, providing a seamless, cost-effective dining experience that allows both consumers and restaurants to bypass the high fees charged by delivery apps. The business received backing from investors, including Andreessen Horowitz, and has amassed nearly 7,000 restaurant partners nationwide, including Joe & The Juice and Charleys Cheesesteaks.
Alongside continuing the services provided by Allset, all of the platform’s current restaurant partners – as well as all new signups to Allset – will now have full access to a suite of SoundHound’s voice AI products to improve operational efficiency, reduce costs, and drive sales.
The Allset leadership team, including Co-Founders Stas Matviyenko and Anna Polishchuk, will also apply their extensive marketplace experience to accelerating SoundHound’s first-of-its-kind voice monetization platform. The move mobilizes a key part of the company’s growth strategy, enabling consumers to use conversational voice AI to effortlessly order food from their vehicles or a voice-enabled device, like a TV.
Today, SoundHound is a market leader for restaurant voice AI solutions, working with over 10,000 restaurant locations. The company’s fast, accurate voice ordering technology can be deployed across multiple channels, including via phone, drive-thru, kiosk, and mobile app. The system can seamlessly pick-up customer orders, understand speech in a range of major languages, learn any restaurant’s menu, process orders directly to the POS, answer customer FAQs, and even upsell add-ons and offer special promotions.
SoundHound also works with world class clients across a range of other sectors, including smart devices, TVs, and automotive – where SoundHound’s solutions are in millions of units around the world today.
“As a business, Allset will help SoundHound bring voice AI solutions to even more restaurants looking to improve operational efficiency. At the same time, the Allset team brings a wealth of marketplace experience and knowledge that will make our bigger vision of a voice commerce ecosystem a reality,” said Keyvan Mohajer, CEO and Co-Founder of SoundHound AI. “Together, we plan to provide dynamic and convenient ways for people to order food and complete a range of other transactions just by speaking naturally.”
"We are thrilled to join forces with SoundHound to combine our established partnerships and marketplace expertise with SoundHound’s class-leading voice AI solutions and capabilities," said Stas Matviyenko, CEO and Co-Founder of Allset. "From the beginning, we realized that we share the same vision for the voice commerce ecosystem that elevates the consumer experience. This team-up will accelerate our progress toward the next exciting phase of AI-powered ordering convenience."
Learn more about SoundHound AI’s vision for a voice commerce ecosystem here.
About SoundHound AI
SoundHound (Nasdaq: SOUN), a global leader in conversational intelligence, offers voice AI solutions that let businesses offer incredible conversational experiences to their customers. Built on proprietary technology, SoundHound’s voice AI delivers best-in-class speed and accuracy in numerous languages to product creators across automotive, TV, and IoT, and to customer service industries via groundbreaking AI-driven products like Smart Answering, Smart Ordering, and Dynamic Interaction™, a real-time, multimodal customer service interface. Along with SoundHound Chat AI, a powerful voice assistant with integrated Generative AI, SoundHound powers millions of products and services, and processes billions of interactions each year for world class businesses. www.soundhound.com
About Allset
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Forward Looking Statements and Other Disclosures
This press release contains forward-looking statements, which are not historical facts, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. These forward-looking statements include, but are not limited to, statements concerning our expected financial performance, our ability to implement our business strategy and anticipated business and operations, including (i) our ability to successfully integrate Allset’s assets and realize the benefits of the acquisition, (ii) our ability to bring additional restaurant relationships, engineering skills, and marketplace know-how to SoundHound AI, including the ability to facilitate voice-enabled food and drink ordering across millions of cars, TVs, and smart devices and (iii) our ability to monetize our voice platform. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, readers are cautioned not to place undue reliance on these forward-looking statements.
Our actual results may differ materially from those expressed or implied by these forward-looking statements as a result of risks and uncertainties impacting SoundHound AI’s business including, the challenges and costs of integrating and achieving anticipated synergies and benefits of the Allset acquisition and the risk that the anticipated benefits of the transaction may not be fully realized or take longer to realize than expected, our ability to successfully launch and commercialize new products and services and derive significant revenue, our market opportunity and our ability to acquire new customers and retain existing customers, the timing and impact of our growth initiatives, level of product service failures that could lead our customers to use competitors’ services, our ability to predict direct and indirect customer demand for our existing and future products, our ability to hire, retain and motivate employees, the effects of competition, including price competition within our industry segment. technological, regulatory and legal developments that uniquely or disproportionately impact our industry segment, developments in the economy and financial markets and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240620384616/en/
Investors:
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408-724-1498
IR@SoundHound.com
Media:
Fiona McEvoy
415-610-6590
PR@SoundHound.com
Source: SoundHound AI, Inc.
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