Feeds

SpinVox puts spin on layoff rumours

It's just a slice here and there...

Beginner's guide to SSL certificates

Exclusive SpinVox insiders say the controversial voice-to-text company has made layoffs at its Marlow office today.

Brunswick, SpinVox's PR company, told us that SpinVox had an ongoing program of cost-reduction but declined to characterise it as a round of redundancies.

SpinVox's debt problems were widely discussed in press reports over the summer. The BBC reported that the company's refinancing came just in time to prevent key suppliers bringing the business to a halt.

In August, we exclusively revealed that the refinancing deal obliged SpinVox to find £30m to repay key backer Tisbury Master Fund Ltd by December 20, or refinance again. Hedge fund Tisbury was the only investor to respond to SpinVox's summer crisis. Tisbury Capital Management chairman John Botts also chairs SpinVox.

Since then, in September, the company has made another share issue of around £5m. An existing investor reported that SpinVox was up for sale.

SpinVox sells a voice-to-text service to carriers worldwide, and wholesales its translation to other services. The spotlight fell on the business when it emerged that the bulk of the work of its voice-to-text was conducted by humans in a labour-intensive network of contracted call centres around the world, employing thousands of people. ®

Intelligent flash storage arrays

More from The Register

next story
TEEN RAMPAGE: Kids in iPhone 6 'Will it bend' YouTube 'prank'
iPhones bent in Norwich? As if the place wasn't weird enough
Consumers agree to give up first-born child for free Wi-Fi – survey
This Herod network's ace – but crap reception in bullrushes
Crouching tiger, FAST ASLEEP dragon: Smugglers can't shift iPhone 6s
China's grey market reports 'sluggish' sales of Apple mobe
Sea-Me-We 5 construction starts
New sub cable to go live 2016
New EU digi-commish struggles with concepts of net neutrality
Oettinger all about the infrastructure – but not big on substance
EE coughs to BROKEN data usage metrics BLUNDER that short-changes customers
Carrier apologises for 'inflated' measurements cockup
Comcast: Help, help, FCC. Netflix and pals are EXTORTIONISTS
The others guys are being mean so therefore ... monopoly all good, yeah?
Surprise: if you work from home you need the Internet
Buffer-rage sends Aussies out to experience road rage
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.