Reading-based IT security company, VoiceVault Ltd. specialising in voice biometrics has entered administration after experiencing future funding issues. Its business and assets are now up for sale.
Voice biometrics specialist firm VoiceAuth - Complete Voice Biometric SaaS platform supporting both cloud and on-premise deployment
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
- ViGo – Mobile authentication system supporting iOS and Android
The company has a portfolio of ongoing service contracts and worldwide patents and trademarks.
Fulfilling growth aspirations
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.”
He adds, "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."