3i and Cazenove Private Equity will invest up to £5 million in SRC (The
Speech Recognition Company), the UK’s leading provider of high-performance
speech recognition solutions.
SRC will invest in expanding its range of enterprise speech recognition
technology solutions and developing a suite of new telephony speech
recognition services. Since 1995 SRC has been delivering speech
recognition solutions to many of the UK’s leading businesses.
Developments in the capabilities of the core engine technologies and
faster processing power have led to growing demand for speech solutions
and services to the corporate market.
Colin Howman, co-founder, and Managing Director of SRC’s Enterprise
division said: "Increasingly SRC customers are demanding telephony speech
recognition solutions. Customers understand that speech technologies can
automate the delivery of information and improve customer service, call
centre efficiency and transaction processing. SRC will build on its
reputation in the Desktop and Enterprise environment to deliver an
exciting array of telephony solutions".
Colin Corbally, an investment manager in 3i's technology team said,
"Speech technology has advanced considerably in recent years, and is now
a powerful tool for enhancing productivity in a range of business areas.
I have been impressed by SRC's practical common sense approach, combined
with a clear vision of the future in this field."
SRC claims it will be unique in offering a complete portfolio of speech
telephony solutions in addition to its current portfolio of speech
dictation, digital dictation, and data-entry and capture solutions. As
speech technology advances and companies’ requirements become increasingly
focused upon improving core business processes using speech technology,
SRC believes that demand for SRC’s core skills in delivering speech
solutions and services will grow substantially.
SRC was advised by BDO Stoy Hayward Corporate Finance in London in the
About SRC (The Speech Recognition Company)
Founded in 1995, SRC (www.src.co.uk) is the UK’s leading provider of
high-performance speech recognition solutions to the corporate
marketplace. SRC has delivered speech recognition solutions to over 20
FTSE 100 organisations. SRC’s comprehensive professional services,
including consultancy, systems integration, training and post-sales
support, enable organisations to benefit from the productivity and
cost-efficiency improvements of speech recognition technology. The
company delivers solutions that combine the latest speech technologies
with clients’ existing systems and processes, integrating technologies
from leading suppliers such as IBM, Dragon, L&H, Microsoft and Olympus.
In addition, SRC offers industry unique services based on its own market
leading expertise including SRC Vocabulary Building and SRC VocaLinks
Consulting. SRC Vocabulary Building develops specialist speech software
vocabularies for the professions and the corporate market. These
vocabularies include terms and phrases specific to each organisation, and
provide higher accuracy and a faster learning curve to users of speech
dictation systems. The SRC VocaLinks Consulting service leverages unique,
patent-pending SRC VocaLinks Technology, enabling customers to re-engineer
their existing data capture, entry and processing workflow with speech
recognition technology, thus gaining significant productivity and
SRC's recently founded SRC Telecom division builds upon the company's
core speech recognition expertise with a range of speech telephony
applications. In partnership with leading technology manufacturers, SRC
Telecom uses its core skills in good telephony speech application design
to automate call handling for customer information and transactions.
About Cazenove Private Equity
Cazenove Private Equity, via the Cazenove New Europe Access Fund, invests
in unquoted high-growth companies in the UK and continental Europe. The
focus of the fund is on second and third round financing for companies
across Europe which have the potential to achieve market leadership in
their business areas. Investments will be solely in the areas of
technology, media, telecoms and Internet. The £235 million fund is a UK
limited partnership, with the limited partners some of the leading
institutional investors in the European equity markets, as well as
Cazenove itself. Cazenove Private Equity is a division of Cazenove & Co.,
a leading international securities house.
3i Group plc (3i) is Europe's leading venture capital company. It
makes technology investments in a broad range of sectors, including
telecommunications, software and computer services, e-business and
healthcare. The technology team operates from 12 countries around the
world, and the portfolio includes businesses at all stages of development.
At 30 September 2000, 3i's technology portfolio was valued at £3.4bn and
comprised around 800 investments.
About BDO Stoy Hayward Corporate Finance
BDO Stoy Hayward Corporate Finance is the division of BDO Stoy Hayward,
expert advisers to growing businesses, that advises on and executes
corporate transactions. In 2000 BDO Stoy Hayward Corporate Finance has
acted as lead financial advisers on a series of venture capital
transactions - from raising expansion capital to advising on
For further information contact
0118 984 3386
The Speech Recognition Company
020 7471 0106
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