VoiceVault enters administration to sell off business and voice biometric assets
Andrew Stephen McGill and Gilbert John Lemon of Smith & Williamson have been jointly appointed as administrators. McGill told Computer Business Review that the company has been mainly funded by equity investment, and requires working capital for the next stage of its development and expansion.
“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,” he says. “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.”
The administrators have identified potentially interested parties, and is directly approaching possible buyers. It will attempt to sell its VoiceAuth SaaS platform, VoiceSign IVR-based e-signature product, and VIM identity and access management system.
“It simply failed because it couldn’t get enough customers. It’s disappointing but it’s that simple,” Mark Caroe, a partner of early investor Eden Ventures explained to Computer Business Review. “The institutions like banks that are interested in voice-based biometric security move very, very slowly. We funded it about 12 years ago. Its technology – which is excellent – is not something you can really sell to small businesses. I hope they find someone, but I’m not holding my breath.”
VoiceVault launched a new version of its proprietary core biometric engine VoiveVault Fusion 9 just over a year ago.