VIQ Solutions Inc. - VQS STOCK NEWS

VIQ Solutions has launched its AI-driven transcription platform, NetScribe, in the UK and Canada, enhancing workflow management for transcription companies. The demand for digital transcription services is rising, with the US market valued at $21 billion in 2020 and expected to grow by 6.1% annually until 2027. NetScribe accelerates transcription speed by over 30% and complies with local data security laws. The appointment of Joel Turry as VP Sales aims to bolster sales strategies and support growth objectives.

VIQ Solutions Inc announced that its subsidiary VIQ Media secured contracts worth approximately $580,000 for transcription services, alongside the renewal of its largest media client contract valued at $1.9 million annually, starting April 2022. These agreements include rush verbatim transcripts and global newswire distribution for leading news agencies, enhancing VIQ's role in the media segment amidst a growing demand for AI-powered services, as stated by executives Elizabeth Pennell and Susan Sumner.

VIQ Solutions Inc (NASDAQ: VQS) announced an analyst and investor call to discuss its growth plans and financial outlook for Q3 2021 and the years 2021-2022. The company expects to generate over $50 million in revenue by 2022 with a gross margin of 47%-55% and adjusted EBITDA margin of 10%-20%. VIQ has also completed the acquisition of The Transcription Agency and plans to finalize the Auscript acquisition in Q4 2021. Despite operational challenges due to COVID-19 and a revised outlook affecting Q3 2021 revenue, management remains optimistic about future growth opportunities.

VIQ Solutions Inc. (VQS) has announced its acquisition of Auscript Australasia Pty Ltd for approximately $7.65 million, to be financed through available cash. This acquisition is expected to close in the fourth quarter of 2021, pending regulatory approvals. Auscript, a leader in secure transcription services for legal institutions in Australia, brings over 100 years of experience. VIQ aims to enhance the quality and timeliness of transcription services, aligning with their vision to leverage technology for improved access to justice.

VIQ Solutions Inc. (NASDAQ: VQS) has announced the acquisition of The Transcription Agency (TTA) for approximately US$1.7 million, enhancing its position in the UK market for AI-driven transcription services. This acquisition supports VIQ's strategy to extend its services to government agencies, leveraging TTA's expertise and existing client base. The integration will enable VIQ to improve service delivery with advanced AI solutions, thereby optimizing operational efficiency. This move aligns with VIQ's growth strategy to capture a larger share of the transcription services market, especially post-COVID.

VIQ Solutions has successfully completed its registered direct offering, selling 4,235,294 units at US$4.25 each, resulting in gross proceeds of approximately US$18 million. Each unit consists of one common share and one-half warrant, allowing for the purchase of an additional share at US$5.00 over five years. The funds from this offering are earmarked for product development, potential acquisitions, and general corporate purposes.

VIQ Solutions Inc. (NASDAQ: VQS) announced a registered direct offering, selling approximately 4,235,294 units at $4.25 each, generating about $18 million in gross proceeds. Each unit comprises one common share and half a warrant, exercisable at $5.00 after six months and expiring in five years. Funds will be allocated for product development, potential acquisitions, working capital, and general corporate needs. Closing is expected around September 15, 2021, contingent on meeting specific conditions including necessary stock exchange listings.

VIQ Solutions Inc. (NASDAQ: VQS) announced its participation in the H.C. Wainwright 23rd Annual Global Investment Virtual Conference, taking place from September 13-15, 2021. CEO Sebastien Paré is set to present on September 13, starting at 7:00 AM ET, with a webcast available online. The company will also host virtual meetings with institutional investors during the event. VIQ provides secure, AI-driven digital voice and video capture technology, enhancing evidence quality and accessibility across various industries, including criminal justice and corporate finance.

VIQ Solutions Inc. (VQS) reported Q2 2021 unaudited financial results, revealing a revenue of $8.2 million, a slight decrease of 1% from Q2 2020. Gross profit declined to $4.0 million (49% of revenue) due to COVID-19 impacts, with an estimated $1 million in delayed revenue. The company incurred a net loss of $10.5 million, significantly impacted by $6.7 million in non-cash stock compensation. VIQ plans to migrate clients to SaaS models in 2022, anticipating Q3 revenue between $8.2 to $8.5 million. CEO Sebastien Paré highlighted the Nasdaq listing's potential for increased liquidity.