Belfast speech tech firm’s MBO raises stg£1.8m in funding

10 Jun 2010

Belfast-headquartered provider of interactive voice response (IVR) application software SpeechStorm has raised stg£1.8m in venture capital funding after completing a management buyout (MBO).

The funding has been provided by Crescent Capital, a leading venture capital fund manager, Kainos, a leading supplier of EDRM solutions, and the SpeechStorm senior management team consisting Oliver Lennon, Damian Kelly and Brendan McCarthy.

SpeechStorm, who employ 24 people, also has staff in Dublin and London.

The investment will enable SpeechStorm to accelerate development of its IVR applications for retail, financial services and telecoms sectors, as well as expand its operations in international markets.

“We have a great team, superb applications and a proven track record with our customers,” said Lennon, CEO, SpeechStorm.

“This investment is an endorsement of SpeechStorm’s capabilities and strengths in our existing markets and our strategic vision for the company.

“We are delighted to have Crescent Capital and Kainos on board and the opportunity to drive SpeechStorm’s international expansion with their support.”

About SpeechStorm

SpeechStorm was first established as a business unit within Kainos in 2007. Following a number of successful projects with Eircom, Ireland’s leading telecommunications provider, SpeechStorm quickly extended its customer base, providing innovative IVR applications to customers including Allied Irish Bank, Comet PLC and Etisalat.

Key to SpeechStorm’s strategy will be the launch this summer of the latest version of SpeechStorm’s Dynamic IVR platform, which will revolutionise the delivery of both software-as-a-service (SaaS) and on-premise IVR applications.

SpeechStorm is a leader in software for automating customer service over the phone. Using a combination of speech, touchtone, SMS and video, SpeechStorm Dynamic IVR enables businesses of all sizes to reduce customer service costs and improve the customer experience.

Brendan Mooney, managing director of Kainos, added: “For Kainos, the management buyout represents a natural next step in maximising the growth of SpeechStorm; we are very pleased to be supporting the management in this investment.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years