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Voxware completes transition to private company

Privatization enables investment for growth and reduces cost.
By Modern Materials Handling Staff
December 14, 2010

Voxware, a leading supplier of software for voice-driven warehousing operations, announced today that it has completed the process of becoming a private company.

The move follows a decision by Cross Atlantic Partners, one of the company’s major shareholders, to make a further investment in Voxware in support of its strategic plan, in conjunction with a going private transaction.

“This is a watershed event for us,” said Scott Yetter, Voxware’s CEO. “The burden and cost of public company compliance keeps rising every year. As a private company, we now have greater operational flexibility and can focus more on long-term growth without undue emphasis on short-term earnings and fluctuations in the price of our stock. Building new software products is the best use of company resources that will maximize benefit to our customers, employees, and shareholders.”

“Over the past five years, Voxware has introduced the most significant innovations to the market for voice-directed warehousing. Our Voxware 3 product has transformed the company from a custom developer of proprietary solutions to a software products company with an open and packaged offering. We have led the way to lower overall cost and faster implementations of voice solutions for customers, and we’ve been very pleased by marketplace reaction,” Yetter continued. “As a private company, we can now devote even more resources to accelerated evolution of our product line.”

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