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VIQ Solutions Inc. (VQS) is a global leader in digital recording technology, specializing in the collection, storage, and management of digital audio, video, and other files. With over 25 years of expertise in the field, VIQ Solutions has established itself as the preferred provider for courts, judicial bodies, government agencies, insurance companies, police departments, and transportation companies. The company’s innovative solutions help these entities increase efficiency, improve security, and reduce costs.
VIQ Solutions is renowned for its leadership in the capture and management of digital evidence, offering a reliable and secure platform that is both collaborative and easily searchable. Their technology supports large-scale installations, managing hundreds of rooms and terabytes of data efficiently. With a client base that spans over 20 countries, VIQ Solutions boasts more than 2,500 satisfied customers and over 52,000 licenses in use.
Recent achievements include the expansion of their digital media business and the continuous improvement of their advanced recording solutions. VIQ Solutions also focuses on forming strategic partnerships and working on cutting-edge projects to stay ahead in the rapidly evolving digital evidence management industry.
Financially, VIQ Solutions remains robust, consistently investing in research and development to enhance their product offerings and maintain their market leadership. Their commitment to innovation and customer satisfaction ensures they remain at the forefront of the digital recording technology sector.
VIQ Solutions Inc. (NASDAQ: VQS) announced the appointment of two new Board members, Shing Pan and Susan Sumner, effective April 1, 2022. This expansion increases the Board to eight members, with six being independent. Shing Pan brings over 25 years of experience in technology innovation, while Susan Sumner offers more than 30 years of leadership in the transcription industry. The appointments are expected to enhance the Company's strategic growth and operational capabilities, aligning with its goal to scale globally.
VIQ Solutions Inc (NASDAQ:VQS) will release its financial results for Q4 and full year 2021 on March 29, 2022, after market close. The company will host a conference call to discuss these results on March 30, 2022, at 11:00 AM ET. Investors can access the live call via the company’s website or by phone. VIQ provides AI-driven digital voice and video capture technology, serving sectors such as legal and corporate finance.
VIQ Solutions has been granted a patent by the USPTO for its innovative Parallel Processing Framework for Voice to Text Digital Media, encompassing ten unique aspects of its aiAssist platform. This breakthrough technology aims to improve the accuracy and efficiency of audio-to-text transcription, addressing challenges like language detection and speaker identification. The patent underlines VIQ's strategy to enhance AI-driven solutions across sectors requiring high-quality documentation, such as legal and insurance, thereby potentially increasing revenue and market share.
VIQ Solutions Inc (NASDAQ: VQS) has formed a strategic partnership with LegalCraft to enhance legal case analysis and trial preparation through the Lexel platform. This collaboration allows VIQ to integrate Lexel’s capabilities into its services, enabling secure storage and sharing of audio, video, and transcription files. Users can benefit from advanced features like real-time transcription and collaborative tools. This partnership marks VIQ as the first U.S. strategic partner for LegalCraft, with the goal of providing efficient litigation support and improving trial preparation for legal professionals worldwide.
VIQ Solutions has appointed Jayne Perry as the Managing Director for the United Kingdom and EMEA. This strategic move follows VIQ's acquisition of The Transcription Agency, aimed at enhancing their AI-driven transcription services in the region. Ms. Perry brings over 20 years of experience in the legal sector, focusing on accelerating growth and improving operational efficiency. The company aims to strengthen its presence in government agencies as demand for digital solutions increases. This appointment reflects VIQ's commitment to innovation in secure voice and video capture technology.
VIQ Solutions Inc. will present at the 24th Annual Needham Growth Conference from January 10-14, 2022. The presentation is scheduled for January 13, 2022, at 4:15 PM ET, and will be led by President & COO Susan Sumner. Investors can access a live webcast and a replay of the presentation on the company’s website. VIQ Solutions specializes in AI-driven digital voice and video capture technology and transcription services, catering to markets that require high-security measures, such as criminal justice and corporate finance.
VIQ Solutions has completed the acquisition of Auscript Australasia Pty Ltd, enhancing its position in the Asia Pacific transcription market. This acquisition adds approximately USD$12 million in annual revenue and over 2.3 million pages of transcripts and 200,000 hours of recordings per year. The deal, valued at USD$7.65 million, was funded with cash on hand. The merger aims to leverage AI technology for improved service delivery and efficiency in court recording and transcription, expanding VIQ's footprint in Australia and globally.
VIQ Solutions has successfully completed the acquisition of Auscript Australasia Pty Ltd, a premier provider of court recording and transcription services in Australia. This strategic move enhances VIQ's position in the Asia Pacific region and is projected to add about $12 million in annualized revenue. VIQ acquired Auscript's assets for $7.65 million, funded through cash reserves. VIQ's AI technologies will be implemented to improve service efficiency. This acquisition aligns with VIQ's growth strategy, reflecting their commitment to expanding their market presence.
VIQ Solutions Inc. reported its financial results for Q3 2021, revealing a revenue of $7.1 million, down from $8.2 million in Q3 2020. The net loss increased to $3.9 million from $0.3 million in the prior year, impacted by reduced COVID-19 wage subsidies and higher operating costs. Gross profit was $3.6 million (51% margin) versus $4.9 million (60% margin) a year earlier. The company reiterated its revenue goal of $34-35 million for 2021, dependent on the Auscript acquisition closing by mid-November. For 2022, they anticipate revenue of at least $50 million with a gross margin of 47%-55%.
VIQ Solutions Inc (NASDAQ:VQS) will announce its third-quarter financial results for the period ending September 30, 2021, on November 9, 2021, after market close. A conference call to discuss these results is scheduled for November 10, 2021, at 11:00 AM ET, which can be accessed via the company’s website or by phone. VIQ Solutions provides secure, AI-driven voice and video capture technology and transcription services, aimed at enhancing security and efficiency across various sectors including legal and corporate finance.
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