VoxSmart signs $25 Million Growth Equity investment with Toscafund
LONDON/NEW YORK – VoxSmart Ltd., a global leader in communications surveillance, has successfully closed a $25 Million Growth Equity financing round to expand its multi-award-winning markets surveillance technology suite, enhancing enterprise supervision and controls for regulated employees that work at home, remotely or in the office.
Building on strong support from UK Investment Manager Deepbridge Capital, the lead investor in this investment round is multi asset fund management firm Toscafund Asset Management LLP and is one of the largest fundraises conducted for the RegTech and Compliance sector, negotiations of which have been held entirely virtually during the ongoing global COVID-19 pandemic.
VoxSmart provides global firms with innovative voice and electronic communications analytics and remote compliance solutions, enabling businesses to supervise communication conducted on a range of different voice and digital platforms for risk and compliance purposes.
Demand for cloud-based surveillance technology has grown significantly as employees are required to adhere to increased compliance and reporting standards irrespective of where they chose to work. This trend to “work from anywhere” is becoming standard market practise for many firms as they adjust to the post-pandemic economy. VoxSmart’s unparalleled expertise in unstructured data processing and indexing allows clients to ensure best practice and accountability of their employee communications in the event of audit, dispute, or misconduct.
VoxSmart first introduced compliant WhatsApp surveillance to the market in 2016 and their proprietary technology now captures 3 messages a second for Tier 1 financial institutions across capital markets, commodity trading and the broker-dealer market. VoxSmart continues to transform capital markets with the capability to proactively perform real-time reconstructions of communication, trade and RFQ data which significantly reduces time and operational cost for market participants.
Through strategic partnerships and a strong focus on M&A activity, VoxSmart is setting the standard for an integrated markets surveillance model that offers a consolidated solution to capture and supervise all communications and trade data under one platform.
The investment will fund further expansion and growth particularly into North America and the emerging markets as well as product development in key areas such as instant message capture on emerging channels such as Telegram and Signal as well as enhanced employee risk and productivity analysis.
Oliver Blower, CEO of VoxSmart:
“As market practitioners we have always been acutely aware of market developments and working with market participants to shape our product development and innovation. As such it was important, we found a partner who shared our vision within financial services. We believe that Toscafund’s global expertise and impressive market connectivity will be of tremendous benefit to VoxSmart in our next stage of growth.”
George Koulouris, Partner at Toscafund:
“With this investment, Toscafund has assembled an extremely attractive portfolio of fast-growing businesses that are all contributing their technological skills to the digitization and evolution that is currently taking place in the financial services sector. The opportunities to invest in this fundamental industry shift are hugely attractive for those with sufficient experience to recognise the genuine leaders in the space. We look forward to working with Oliver and his team.”
Ian Warwick, Managing Partner at Deepbridge Capital;
“We have been working with VoxSmart since 2017, via our EIS fund, and are immensely proud of what the team have built. VoxSmart is exactly the type of business the Enterprise Investment Scheme is designed to support, being a growth-focused unique technology with global reach. We look forward to working with Toscafund to help the business continue to grow”.
VoxSmart Ltd. is a UK headquartered communications surveillance provider with offices in New York, London, Singapore and Madrid. VoxSmart designs, develops and deploys cloud-based mobile recording and communications surveillance technology for global financial institutions to manage their business risks and regulatory requirements. Its rapidly evolving technology, with proven accuracy in financial voice transcription and real-time instant message capture, supports over 100 clients with regulatory requirements to monitor and reconstruct all trade communications from voice, mobile, email and chat.
VoxSmart has unparalleled expertise in unstructured data processing and indexing for complex technology environments and believes that by harnessing this data, a business will build a strong foundation for intelligent risk and control analysis. VoxSmart’s goal is to become the global reference for risk and compliance surveillance technology and offer end-to-end remote conduct and employee monitoring that connects a firm’s people, processes, and technology to drive significant operational efficiencies and enable smarter business decisions.
Toscafund Asset Management LLP is a London based multi-asset investment management firm with offices in London, New York, Manchester and Melbourne. Founded in 2000 by Martin Hughes, Toscafund has firmly established itself as one of Europe’s leading investors in the financial services sector across both public and private markets.
Toscafund has a long track record of supporting management teams and providing growth capital to private challenger and fintech companies. The total amount invested exceeds $700m with notable investments that include Aldermore Bank, Hoist, Atom Bank, OakNorth, esure, Plurimi Wealth, LIQID, Caravela Companhia de Seguros, Lemonway and Elinvar.