Feeds

SpinVox puts spin on layoff rumours

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

HP ProLiant Gen8: Integrated lifecycle automation

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. ®

The Power of One Infographic

More from The Register

next story
Google Nest, ARM, Samsung pull out Thread to strangle ZigBee
But there's a flaw in Google's IP-based IoT system
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
'Two-speed internet' storm turns FCC.gov into zero-speed website
Deadline for comments on net neutrality shake-up extended to Friday
NBN Co execs: No FTTN product until 2015
Faster? Not yet. Cheaper? No data
Oh girl, you jus' didn't: Level 3 slaps Verizon in Netflix throttle blowup
Just hook us up to more 10Gbps ports, backbone biz yells in tit-for-tat spat
UN to Five Eyes nations: Your mass surveillance is breaking the law
And Navi Pillay calls for Snowden to be protected
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.