Kainos

Kainos Investment to Help Accelerate SpeechStorm’s International Business Growth Plans

Former Kainos division, SpeechStorm, Celebrates Completion Of a £1.8 Million Funding Round

London and Belfast – June 11th, 2010 - Kainos, (www.kainos.com) the IT consulting company, today announced that its former speech technology business unit, SpeechStorm®, has completed a Management Buy Out (MBO) and initial funding round of 1.8 million pounds. The funding is provided by Kainos, Crescent Capital and the SpeechStorm senior management team - Oliver Lennon, Damian Kelly and Brendan McCarthy.

SpeechStorm, which employ 24 people, is headquartered in Belfast, with staff in Dublin and London. This investment will enable the company 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, SpeechStorm’s CEO 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 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 at 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.

About SpeechStorm
SpeechStorm is a leader in software for automating customer service over the phone. Using a combination of speech, touchtone, SMS and video, SpeechStorm Dynamic IVR™ enables businesses of all sizes to reduce customer service costs, improve the customer experience and adapt more quickly to changing business needs. More information can be found at www.speechstorm.com