3i and Cazenove Private Equity Announce £5m investment in SRC Monday 8 January 2001 PDF Print 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 transaction. 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 cost-efficiency gains. 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. About 3i 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 public-to-private deals. For further information contact David Malaperiman Media Link 0118 984 3386 email@example.com Anthony Buxton The Speech Recognition Company 020 7471 0106 firstname.lastname@example.org http://www.src.co.uk This press release was distributed by ResponseSource Press Release Wire on behalf of Media Link (Berkshire) in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.