Why did SoundHound AI acquire Amelia for $80 million in 2023?

SoundHound AI's acquisition of Amelia for $80 million in 2023 was a strategic move to expand its voice AI leadership and tap into the restaurant industry's growing demand for voice-enabled solutions. The acquisition of SYNQ3 Restaurant Solutions boosted SoundHound's market reach, covering over 10,000 signed locations and introduced advanced generative AI capabilities. This deal aligned with SoundHound's focus on existing AI voice verticals like restaurants, smart devices, and automotive, as announced in February 2023. By acquiring SYNQ3, SoundHound aimed to capitalize on the significant revenue opportunities in the restaurant industry, with the sector offering a potential annual revenue opportunity of over $1 billion.