Public sector deals loom for Lattice following £400,000 cash boost
EAST Yorkshire telecoms software firm Lattice Voice Technologies is set to secure new public sector business after securing £406,000 of capital.
The Market Weighton-based company has attracted £320,000 of additional investment from Partnership Investment Finance (PIF) and £86,000 from the Yorkshire & Humber Equity Fund (YHEF).
YHEF previously invested £660,000 into the firm to help it develop its First Contact product – a multilingual telecoms solutions for call centres.
The system identifies the language of the caller, the reason for calling and translates between the caller and call taker, choosing a scripted dialogue that is appropriate in the context of each visitor.
The latest round of investment is aimed at providing the working capital for Lattice Voice Technologies while it installs its software products in a number of large organisations.
Founder and managing director Neil McCutcheon, said: “The investment has already helped the company secure a contract with a major police force.
“It is allowing us to execute our marketing plan, particularly in the public sector, which we would not be able to do without the capital. The working capital is vital to a firm like ours because of the time delay between the order and payment. A lot of work needs to be done to create the script, identify the language requirements and integrate it into existing IT systems.”
David Livesley, PIF investment manager, said: “The management team is hugely committed to the company and they have made significant progress over the last few years.
“They have developed and brought to the market place a niche product that’s been well received and the company is now looking to reap the rewards. Like any software firm, they can not just rest on their laurels and we know they are looking to improve the product further.”
Both PIF and YHEF are managed by YFM Venture Finance and it brings the total amount invested in the company to more than the £1m.
PIF is a loan and investment fund aimed at supporting growing businesses in Yorkshire.
It aims to encourage enterprise and economic regeneration by providing finance to eligible businesses in the region’s Objective 2 areas.
