Natterbox Doubles Sales Team in Wake of FSA Ruling
Cloud-based voice services company Natterbox has apparently been experiencing a boost in business lately, partly due to a recent deal signed with Orange Business Services, a global integrator of communications solutions for multinational corporations. The deal has Natterbox providing its mobile call recording services to Orange B2B customers.
Another major factor in the company's recent business boost is last year's FSA (Financial Services Authority) ruling, which requires all mobile phone conversations regarding transactions in the equities, bonds, derivatives and financial commodity markets to be recorded and stored in order to detect and deter market abuse. By some estimates, this ruling applies to some 25,000 financial services staff.
According to Natterbox CEO Neil Hammerton, the company has had a number of major deals on the go since the FSA ruling and has had to double its sales force in order to cope with this sudden growth in the market. Business hasn't been slowing down, even a year after the FSA ruling, as many financial institutions have begun reviewing the mobile call recording systems they signed up for a year ago.
"In the first wave of take-up the majority of institutions went for app-based solutions, but over time these have been shown to have a number of technical problems such as time delays on calls of between 10 and 60 seconds and problems using these solutions abroad," said Hammerton in a statement. "So what we are seeing now is a second phase with a lot of these institutions migrating to network-based solutions."
He went on to add that demand should increase over the next few months as the FSA begins pressuring all financial institutions to comply with the 2011 ruling. He even expects that demand will grow from businesses outside of the FSA ruling, such as mortgage broking and legal services.
In September, Natterbox also partnered with Red Box Recorders to provide an on-network mobile call recording service compliant with the FSA ruling which takes technology from both companies.
Edited by Rachel Ramsey