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Will Nokia or Nuance Buy STC in a Play for Speech Recognition Market in Russia?

Files under: News, Tech
Posted by: Quintura @ 13:25 [21. 03. 08]

Quadriga Capital Russia, a Russia-based private equity fund managed by Quadriga of Germany is negotiating a sale of its 35% stake in Speech Technology Center (STC), a St.Petersburg-based developer of speech recognition technologies, says business daily newspaper Kommersant. The acquisition could value STC at over $100 million. The leading mobile phone maker Nokia and speech recognition solution provider Nuance Communications are listed among potential buyers. Quadriga invested more than $1 million in STC in 2003.

STCAccording to STC, its revenues reached $12 million in 2007 with EBITDA of $3 million. Over 30 percent of revenues came from sales outside of Russia. STC recently released RUSSOGRAPH, the first commercial speech-to-text technology for continuous Russian speech. STC plans to launch a series of a new products based on the RUSSOGRAGH technology in 2008 including IVR-systems for call-centers, audio data mining systems and voice command recognition technologies.

Quadriga Capital Russia, which is a sister company of Quadriga Capital of Germany, manages a $136 million Quadriga Capital Russia Private Equity Fund II for direct investments into mid-sized Russian businesses. The company has Russian offices in St. Petersburg, Moscow, and Nizhni Novgorod. The investors into the fund include the EBRD, IFC, 3i, Deutsche Entwicklungs- und Investitionsgesellschaft, Sal. Oppenheim Bank, Bank Gutmann Aktiengesellschaft, and Evli Bank.

Quadriga recently invested into Tascom wireless broadband operator in Russia. In October 2005, Quadriga together with Intel Capital invested in Akella, a leading Russian publisher and distributor of computer and console games.

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One Response to «Will Nokia or Nuance Buy STC in a Play for Speech Recognition Market in Russia?»

  1. 1 SpinVox raises whopping $100M plus for voicemail to text conversion » VentureBeat Quintura @ 13:25 [21. 03. 08]

    [...] developer of speech recognition technologies, according to Kommersant (which we found via Yakov Sadchikov). Nokia and Nuance are mentioned as possible buyers. Tags: co:spinvox, deal, inv:ABN-Amro, [...]

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