London and Madrid, 28th November 2019
VoxSmart acquires Fonetic trading business to build comprehensive communications surveillance platform for Capital Markets.
The transaction, a first of its kind in Markets surveillance, addresses calls for increased consolidation and demand for integrated compliance and surveillance solutions.
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VoxSmart, the global leader in mobile surveillance technology, has announced its acquisition of the Fonetic Trading business to deliver a comprehensive communications surveillance offering for Capital Markets participants.
Recent high-profile regulatory investigations and prosecutions, such as the WhatsApp scandal at KPMG and the FCA’s prosecution of a VTB Banker over deleted WhatsApp messages, together with substantial market demand for greater consolidation of the RegTech landscape encouraged VoxSmart to acquire the Trading assets of Fonetic as a logical progression into the wider surveillance market.
“We have seen time and time again the financial and reputational damage caused by un-monitored or ignored communications.”
Juan Manuel Soto, Chief Executive Officer at Fonetic commented, “We have seen time and time again the financial and reputational damage caused by un-monitored or ignored communications. Fixed line audio, mobile phones and messaging platforms like WhatsApp are seen as the weak spots in a bank’s surveillance capability, so are the first to be exploited by bad actors. By pooling our talent and technology, clients will not only benefit from enhanced data integration, but also increased visibility of their trading activity, thanks to a comprehensive suite of communications surveillance and intelligence technology.”
The Trading business of Fonetic, which includes a rich suite of multilingual voice and e-comms surveillance and intelligence tools as well as a powerful Trade Reconstruction engine, allows VoxSmart to offer market participants unrivalled consolidation of their communications data, while also amplifying their global reach and language coverage.
Having built a successful mobile surveillance business that is currently servicing over 100 global clients, incorporating additional communications channels by acquiring compatible technology was an obvious next step for VoxSmart.
“Welcoming the Fonetic team and technology adds to our surveillance pedigree while helping us support institutions that are at the forefront of financial services.”
“We have always worked closely with market participants to tackle global regulatory compliance challenges and we’ve seen overwhelming demand for multichannel and multilingual offerings that not only meet the communication surveillance needs of our clients but substantially ease their procurement and supply chain burden,” said Oliver Blower, Chief Executive Officer at VoxSmart “Welcoming the Fonetic team and technology adds to our surveillance pedigree, while helping us support institutions that are at the forefront of financial services.”
Fonetic will continue operating in the Customer Experience market, where they already have a significant commercial footprint providing pioneering services for Conversational Chatbots and Voicebots through NLP solutions, serving European and Latin American markets.
Further news on VoxSmart developments is expected in the new year.
About VoxSmart
VoxSmart is a global mobile surveillance company that specialises in delivering state-of-the-art compliance technology to global financial institutions. VoxSmart’s technology VSmart™ ensures that firms meet regulatory standards, whilst mitigating the risk of financial penalty, by unlocking the ability to use a mobile device to talk and transact with customers in heavily restricted and regulated markets. Visit www.voxsmart.com for more info.
About Fonetic
Fonetic is a leading provider of voice processing and linguistic analysis of voice and text communications for Financial Services. Our surveillance and compliance technology proactively prevents misconduct and mitigates risk within the global financial markets landscape, while our cognitive solutions such as voicebots and chatbots optimise our clients’ interactions with their customers to deliver more natural and intuitive customer experience. Following the acquisition, Fonetic will continue to be a reference integrator and software manufacturer of global reach for the Customer Experience market. Learn more at www.fonetic.com.
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Fonetic & VoxSmart
Katie Hoyle
Marketing Department, VoxSmart
+34 91 743 33 26
marketing@voxsmart.com
marketing@fonetic.com
Centropy PR
Jenny Corlett
Account Executive, Centropy
+44 207 092 8127
jenny.corlett@centropypr.com
28th November 2019