11:05 AM EDT, 08/08/2024 (MT Newswires) -- SoundHound AI ( SOUN ) said Thursday it has acquired artificial intelligence software company Amelia for $80 million in cash and equity, with an assumption of Amelia's debt and future earnout potential tied to revenue milestones.

The combined entity holds approximately $160 million in cash and $39 million in debt, SoundHound said.

SoundHound said the combined company is expected to generate more than $150 million in revenue in 2025, with Amelia contributing more than $45 million in recurring AI software revenue.

Shares of SoundHound gained more than 12% in recent trading.

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