BusinessBusiness RecoveryVoice-driven software firm sold to rival

Voice-driven software firm sold to rival

A listed provider of voice-driven software has been sold to one of its competitors after being driven into administration by 'unsustainable losses'.

Link: For other business recovery stories

Vocalis Group, which provided software to call centres belonging to Powergen, Abbey National and Chelsea Building Society, was sold last night to competitor Netdecisions Holdings, a privately owned London-based computer company.

The sale took place almost immediately after the appointment of Paul Davis and Tim Dodler as administrators following a petition by the directors.

The company was formed in 1993 and floated on the London Stock Exchange at the height of the dotcom boom in 1996. But the Cambridge-based company found itself in financial difficulties and last March it issued a trading statement, warning shareholders that sales and revenues were going to be lower than expected. The company’s shares were suspended at the end of July.

Like many dotcoms, Vocalis found itself in debts because of high overheads and low income. Davis told AccountancyAge.com: ‘It was a capital-intensive startup. It had difficulties making customers in the pipeline into clients and overhead succeeded sales.’

The sale of the business was made through a share transfer and Netdecisons also agreed to take on some of Vocalis’ liability.

The majority of the staff kept their jobs but Paul Wright, the company’s chief executive and finance director, will not remain with the company.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor