Telephonetics plc, the UK-based advanced speech recognition (ASR) company has completed the acquisition of Voice Integrated Products Limited (VIP), a privately owned ASR and computer telephony company. Consideration for the acquisition is approximately £5.9 million in cash and 24.8 million shares.
The transaction combines two pioneering ASR organisations into a single company with the client base, resources and expertise to uniquely meet the rapidly evolving needs of customers, enabling the organisation to take advantage of a key time in the evolution of the speech technology market.
“The acquisition broadens Telephonetics’ offering across several key verticals and deployment environments,” said Daniel Hong, Senior Voice Business Analyst at Datamonitor. “The UK market represents a strong area of growth for speech solution investments through 2010.This transaction introduces new leverage points for Telephonetics and will help the firm maintain its position as one of the leaders in this market.”
Customers will have access to a wider range of ASR and voice solutions while continuing to receive the high levels of service and support upon which both organisations have built their reputations over the years.
Anthony McKay, Chief Executive of Telephonetics plc, commented: “This is exciting news for Telephonetics, VIP and our customers as well as the entire speech market. Widely recognised as one of the fastest growing areas in telecommunications, speech recognition products are now being used in virtually every sector and accelerating by the day. Bringing two of the leading providers together, each with different areas of expertise and strong positions in their respective markets, is a fantastic match and will put us in an excellent position to lead the UK market.”
Mark Brooks, Director of Product Strategy, former Managing Director of VIP, adds: “VIP has been looking for a partner to accelerate our business plans in the fast growing speech market and Telephonetics was the natural choice. We have both been very successful in our respective markets and have mostly complementary products. Bringing together two businesses that share the same values and culture is very exciting. It allows us to provide an even better service to our customers, in addition to offering a greater breadth of hosted and premise-based speech recognition solutions. ”