Heh.
Oh dear.
Rory Cellan-Jones over at the BBC has posted a very insightful story on the Nuance acquisition of SpinVox:
A couple of weeks ago, the American speech-recognition firm Nuance paid $102.5m – around £64m – for the British voice-to-text firm Spinvox, and we speculated that most of the investors would get very little from the deal. Now I’ve found out just how little.
Laptop and phoneThe people who had poured in over £100m to a company which claimed that it had world-beating technology ended up with just £600. No, not £600 each – that was spread among the owners of 5.3 million ordinary shares and 1.9 million A shares.
Deary me.
Oh boy
Ooof. Any idea who got the yacht?
There was a yacht?
Yes, the word from insiders is that 400,000 was spent to purchase a yacht to send CEO Christina Domecq across the Atlantic on a PR splash.
My favorite is the money that SpinVox spent sponsoring her bike ride across the U.S. in June 2009, as the company was imploding and as the company was asking employees to accept (who could say no and survive?) stock in lieu of salary.
The hubirs is on full disply in the AMAZING video
This situation is normal with deals like this – very little money changes hands. The company was on a terminal downward spiral – why should the investors receive anything at all. I'm a bit surprised they even got £600 – my guess is it was probably some legal technicality rather than a return on investment. At the end of the day, these type of investors won't lose a lot of sleep over a company like Spinvox but I doubt whether Christina & Co will get an opportunity like this again. Not in the UK anyway.
A large proportion of the technical staff are silently job hunting as we speak. Nuance is only really interested in getting their hands on SpinVox's technology before breaking it up.
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