VIQ accelerates market expansion in the United
Kingdom as natural extension of its prominent capture technology
regional footprint
VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX and Nasdaq:
VQS), a global provider of secure, AI-driven, digital voice and
video capture technology and transcription services, today
announces it acquired The Transcription Agency (“TTA”), a leading
supplier of secure outsourced transcription services to clients in
private and public sectors throughout the United Kingdom. The
strategic acquisition (the “Acquisition”) positions VIQ to provide
localized services to government agencies as a natural extension of
its current CapturePro™ footprint.
“We continue to pursue strategic, accretive acquisitions across
the globe, for which we have a strong pipeline,” said Ms. Sumner.
“We have developed a disciplined M&A methodology that has led
to repeatable outcomes to grow our client and talent base, to drive
top line growth and enable gross margin productivity gains on
larger volumes of data enabling profitable scale. The successful
integration of our acquired companies brings us closer to being the
leading global provider of evidentiary documentation for enterprise
and government agencies around the globe.”
The purchase price paid for the Acquisition was approximately
US$1.7 million, with approximately US$0.85 million paid in cash on
closing and approximately US$0.85 million to be paid via a deferred
payment structure over the next six months. VIQ funded the
Acquisition by utilizing cash on hand.
TTA, a registered supplier of outsourced transcription awarded
by the government NHS Shared Business Services Group, has more than
two decades of experience providing reliable, accurate and timely
transcripts. Serving complementary markets, VIQ and TTA have a
solid foundation to build on, which will enable the Company to
expand its product and service offerings, including the
introduction of FirstDraft, in the region. Leveraging VIQ's leading
technologies and AI-powered services, TTA’s team of dedicated
transcribers, with deep localized experience, will enable VIQ to
continue to deliver outstanding quality and service while creating
efficiency gains to meet client expectations and expand its
business. The Acquisition also provides VIQ with access to a
prestigious law firm customer base to grow sales organically.
"Acquiring The Transcription Agency, the market and trusted
leader in transcription services in the UK, is a substantial
milestone in VIQ's growth strategy. This union broadens our
portfolio of services, opening a significant and growing UK market
and creating a strong foothold for further European expansion,"
said Matt Fowler, Senior VP, Strategic Partnerships and M&A,
VIQ . "I am thrilled to welcome Penny Ffoulkes and her TTA team to
VIQ. TTA is a remarkable company with talented employees, an
engaged portfolio of clients, and a commitment to providing
best-in-class service."
“It is thrilling to watch the business we created 24 years ago
evolve to the next phase, incorporating VIQ technology to create an
end-to-end workflow that will further transform this market. We are
excited for the opportunities it provides to our team and to the
overall industry,” said Penny Ffoulkes, Managing Director, TTA. “We
are delighted to partner with a global leader that brings to market
vision, advanced technology, and outstanding quality in both
service delivery."
VIQ will deliver its end-to-end solution portfolio empowering UK
courts to reengineer and optimize legacy processes and improve
services for users safely and securely. The addition of NetScribe™,
the AI-enabled transcription workflow platform, creates
efficiencies and workflow optimization for creating transcripts in
private and government organizations. FirstDraft, powered by AI,
quickly converts audio files to highly specialized documentation
providing near real-time access to interviews, testimony, recorded
calls, and dictation cost-effectively. The solutions preserve and
secure the spoken word and video images delivering meaningful data
pertinent to court cases.
“As we move past the COVID lockdowns in the UK, we are seeing an
accelerated need for solutions and services in the region where
customers see the value in the end-to-end solution we are
positioned to deliver. We see this as a great opportunity to build
on the success of our large CapturePro client base where a
high-quality audio recording is the foundation to deliver optimal
results from our FirstDraft technology in complex, multi-speaker
environments,” said Susan Sumner, President and Chief Operating
Officer at VIQ.
For more information about VIQ, please visit
viqsolutions.com.
About VIQ
VIQ is a global provider of secure, AI-driven, digital voice and
video capture technology and transcription services. VIQ offers a
seamless, comprehensive solution suite that delivers intelligent
automation, enhanced with human review, to drive transformation in
the way content is captured, secured, and repurposed into
actionable information. The cyber-secure, AI technology and
services platform are implemented in the most rigid security
environments including criminal justice, legal, insurance,
government, corporate finance, media, and transcription service
provider markets, enabling them to improve the quality and
accessibility of evidence, to easily identify predictive insights
and to achieve digital transformation faster and at a lower
cost.
Forward-looking Statements
Certain statements included in this news release constitute
forward-looking statements or forward-looking information under
applicable securities legislation. Such forward-looking statements
or information are provided for the purpose of providing
information about management's current expectations and plans
relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes.
Forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "propose", "project" or similar words
suggesting future outcomes or statements regarding an outlook.
Forward-looking statements or information in this news release
include, but are not limited to, the potential benefits of the
Acquisition and VIQ’s growth and acquisition strategy.
Forward-looking statements or information is based on several
factors and assumptions which have been used to develop such
statements and information, but which may prove to be incorrect.
Although VIQ believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements because
VIQ can give no assurance that such expectations will prove to be
correct. In addition to other factors and assumptions which may be
identified in this news release, assumptions have been made
regarding, among other things, the Company’s recent initiatives,
and that sales and prospects may provide incremental value for
shareholders. Readers are cautioned that the foregoing list is not
exhaustive of all factors and assumptions that have been used.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by the Company as of the date of this news release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to the factors described in greater detail in the
“Risk Factors” section of the Company’s base shelf prospectus dated
June 10, 2021 and in the Company’s other materials filed with the
Canadian securities regulatory authorities and the U.S. Securities
and Exchange Commission from time to time, available at
www.sedar.com and www.sec.gov, respectively. These factors are not
intended to represent a complete list of the factors that could
affect the Company; however, these factors should be considered
carefully. There can be no assurance that such estimates and
assumptions will prove to be correct. The forward-looking
statements contained in this news release are made as of the date
of this news release, and the Company expressly disclaims any
obligation to update or alter statements containing any
forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211005005287/en/
Media: Laura Haggard Chief Marketing Officer VIQ
Solutions Email: marketing@viqsolutions.com
Investor Relations: Laura Kiernan High Touch Investor
Relations Ph. 1-914-598-7733 Email: viq@htir.net
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