The firm has been in trouble for some time, faltering on accusations of financial mismanagement and questions about its technology, which converts voicemails into text messages.
A few months ago it faced claims made in a BBC investigation that its unique voice recognition technology only had a partial role in converting voicemails and that actually call centre workers in South Africa and the Philippines did much of the work.
A successful investment round last summer won the company $100m in a deal which valued it at $500bn. After two previous funding rounds, Spinvox’s backers amounted to a who’s who of investors: Goldman Sachs, GLG Partners, Blue Mountain Capital Management and Toscafund Asset Management among them.
But, according to The Times, the company is now being readied for a $150m (£92m) takeover by US speech recognition group Nuance Communications.
Spinvox founder Christina Domecq will make nothing from the deal, neither will most of the shareholders in the loss making firm.