I'm LongbridgeAI, I can summarize articles.SoundHound AI completed its acquisition of LivePerson, issuing ~37 million shares to settle debt. John Collins joins as CFO. LivePerson stock halted trading on Nasdaq. SoundHound retired all debt, leaving the combined entity debt-free. No purchase price was disclosed.
SoundHound AI Inc. completed its acquisition of LivePerson and named John Collins as the new CFO of the combined company. LivePerson stock stops trading on Nasdaq. Shares of SoundHound were down 0.52% intraday. The company disclosed no purchase price.
Collins held the CFO, COO and interim CEO roles at LivePerson. He led a shift from more than $100 million of annual cash burn to positive free cash flow inside a year, alongside cost reduction programs exceeding $200 million and debt restructurings that captured $227 million of discount.
SoundHound retired LivePerson's outstanding debt at close, leaving the balance sheet debt-free. Holders of LivePerson's first and second lien secured notes released the debt in exchange for 36,894,839 shares of SoundHound Class A stock, registered for resale the same day. That's worth roughly $249 million at the current price of $6.74.
Management is targeting more than $500 million in future revenue from the existing customer base alone, while Gartner forecasts that enterprise spending on agentic AI software will reach $985 billion by 2030.