Wednesday, March 12, 2008

Voice to text - the new big thing?

via Moconews

Voice To Text Mobile Firm SpinVox Eyeing Float Again
By Dianne See Morrison - Tue 11 Mar 2008 05:33 AM PST

Never mind the weak financial markets. SpinVox, the mobile phone firm that turns voicemails into text, is reportedly considering floating the company again. The five-year old company, which operates in 7 countries and claims it will reach 30 million customers this year, has appointed Goldman Sachs to help it raise financing that could put a GBP 200 million ($402.4 million) price tag on the firm. The company has been itching to float for a few years now, with the founders apparently eyeing up the success of its American rival Nuance
Communications, which is listed on Nasdaq with a market value of around $3.6 billion. SpinVox initially considered taking the company public in 2006, but couldn't drum up enough interest. Following its deal with Alltel (NYSE: AT) last August to supply its products to the operators 12 million users it said it would try again. The has done a little digging at Companies House which revealed that sales were only GBP 436,000 ($876,734) in 2006. It expects, however, for sales to boom, reaching GBP 40 million ($80.4 million) in 2008 to GBP 100 million ($201 million) in 2009, after signing on 12 additional operators to carry their product this year.

and here is what wrote here

Spinvox advisers look into flotation

SPINVOX, the mobile-phone technology firm that converts voicemails into text messages, has appointed advisers to weigh up fundraising options that include a stock-market flotation.

Goldman Sachs will help it raise new finance that could value the business at approaching £200m.

Founded in 2003, Spinvox is expected to reach 30m customers this year, and is already operating in seven countries, including Canada and Australia.

"We are doing what every fast-growing business does," said co-founder Christina Domecq, a scion of the Spanish sherry dynasty. "We have all the options in front of us, whether that is a float or something else."

Domecq and co-founder Daniel Doulton, descended from the pottery family, together own just under half of the business.

Its last set of figures filed at Companies House show that sales were only £436,000 in 2006, up 78% from the preceding 17 months. Pretax losses stepped up from £5.8m to £10.7m because of increased research spending.

However, the business is forecasting a sharp upturn in sales, from £40m in 2008 to £100m in 2009, after doubling the number of mobile-phone carrier partners it has from 12 to 24 this year.

Domecq wants to emulate the success of Nuance Communications, a Nasdaq-listed firm worth $3.6 billion (£1.8 billion) whose speech-recognition technology is used in corporate IT departments and voice-activated satnav.

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