Tue, 28 May 2013 | BUSINESS SALE
Voice Technologies, a speech recognition software company, has been sold to its staff.
Reports from the Scotsman confirmed that Heather Wylie, who founded the business in 1996, decided to sell a controlling stake to an employee benefit trust, meaning that the firm will operate in a manner similar to that of John Lewis, the successful staff-owned retailer.
Wylie has retained a 25 per cent share in the firm and the amount generated from the sale has not been disclosed.
The former owner told the paper that the firm had considered alternative routes, such as acquiring other firms or conducting more strategic investments, but instead opted for the less traditional route in order to avoid the "set of changes" that accompany being acquired. Ms Wylie said that she was "determined to avoid" those changes.
Ms Wylie added: “By becoming employee-owned, everyone with the business owns part of the business. We felt that shared ownership offered a unique and entrepreneurial way forward, and one that will help provide security and drive growth.”
The company has offices in Sheffield and Paisley and will be lead by its former technical director, Alistair Graham, who has been promoted to chief executive following the deal.
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