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.
Share this story