SpeechStorm accelerates international business growth plans with funding

SpeechStorm®, a provider of Interactive Voice Response (IVR) application software, have announced the completion of a Management Buy Out BO) and initial funding round of 1.8 million pounds. The funding is provided by Crescent Capital, a leading venture capital fund manager, to Kainos, a supplier of EDRM solutions, and the SpeechStorm senior management team of Oliver Lennon, Damian Kelly and Brendan McCarthy.

The investment will enable SpeechStorm, who employ 24 people t its headquarters in Belfast and additional staff in Dublin and London, to accelerate development of its IVR applications for retail, financial services and telecoms sectors as well as expand its operations in international markets.

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

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.

Brendan Mooney, Managing Director, Kainos said, “For Kainos, the Management Buy Out represents a natural next step in maximising the growth of SpeechStorm; we are very pleased to be supporting the management in this investment.” “I wish them every success in this new venture”.

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.

2nd July 2010