A Reading-based IT security company specialising in voice biometrics has entered administration after experiencing future funding issues. Its business and assets are now up for sale.
VoiceVault Limited entered administration on 8 October 2018, with Andrew Stephen McGill & Gilbert John Lemon of Smith & Williamson appointed joint administrators.
The company has developed and operates a full suite of IT security products to include:
- VoiceAuth - complete Voice Biometric SaaS platform supporting both cloud and on-premise deployment;
- VoiceSign – custom IVR-based e-signature product designed for healthcare / insurance applications;
- VIM – identity management system consisting of voice authorised password reset, out-of-bound authorisation and time & attendance tracking; and
The company has a portfolio of ongoing service contracts and worldwide patents and trademarks.
Andrew McGill said: "The company has been historically funded by significant equity investment and now requires further working capital to move to the next stage of its development and fulfill its growth aspirations. Existing shareholders were unwilling to provide the future funding required without additional third party investment, which was not forthcoming, and the director has taken steps to place the company into administration to protect the underlying business. We have retained the small team of three employees to maintain the platform and allow the business to continue operating while we seek interested parties to acquire the business and assets of the company.”
"We have already identified a list of potential interested parties in the sector and we are directly approaching possible buyers, advertising on a business sale platform plus using word-of-mouth marketing through our contacts in the technology sector."
Anyone interested in purchasing the company’s assets are encouraged to contact Smith & Williamson for further information:
- Joph Young – 0121 710 5242 - firstname.lastname@example.org
- Rachael Sherwood - 0121 710 5286 – email@example.com
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
Notes to editors
Smith & Williamson is a leading financial and professional services firm providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c1,800 people operate from a network of 11 offices: London, Belfast, Birmingham, Bristol, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton. Smith & Williamson is part of The Tilney Smith & Williamson Group.