VIQ Solutions Inc. (“VIQ” or the “Company”) (NASDAQ:VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announced the closing
VIQ Solutions Inc. (“VIQ” or the “Company”) (NASDAQ:VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announced the closing of the asset acquisition of Auscript Australasia Pty Ltd (“Auscript”) a leading supplier of secure court recording and transcription services for courts and law firms throughout Australia.
The combination of Auscript and VIQ is the execution of a strategy and vision that began many years ago. This merger positions VIQ to not only influence the strategic and technological direction of the courts and law offices in Australia, but globally.
- The acquisition is consistent with the Company’s strategy to grow organic revenue while augmenting it with strategic acquisitions in core industries and regions where VIQ already has a strong footprint;
- With the addition of more than 2.3 million pages of specialised transcripts and more than 200,000 hours of evidentiary recordings per year, VIQ is now one of the largest providers of recording and transcription services in the Asia Pacific region;
- The acquisition adds what is expected to be approximately USD$12 million (AUD$16.8 million) in annualised revenue;
- Under the terms of the definitive purchase agreement, the assets of Auscript were acquired for approximately USD$7.65 million (AUD$10.7million) with $7.5 million paid at closing and $150,000 payable through a seven-month earnout plan. VIQ funded the acquisition by utilising cash on hand.
VIQ and Auscript have a shared vision to provide unprecedented levels of access to justice through innovative technologies that automate the creation and management of evidentiary content. Leveraging VIQ's leading technologies and AI-powered services, Auscript’s team of dedicated transcribers, will continue to deliver high quality transcripts with best-in-class service while adding efficiency gains to meet client standards and expand business.
"We are aligned in our approach to provide our clients with unparalleled quality and timely service," said Matt Fowler, Senior VP, Strategic Partnerships and M&A, VIQ Solutions. “Auscript’s strong operational acumen and industry leadership is an asset to VIQ. Together we harness more than 140 years of recording and transcription expertise meeting our client's needs. The acquisition provides immediate cross selling, professional growth opportunities and provides VIQ a coverage model between all major markets in Australia.”
The newly united organisation will provide industry-leading technology to serve customers faster and more effectively. The implementation of VIQ’s NetScribe™ solution, powered by aiAssist™, will transform complex legal evidence to improve turn-around times and drives efficiency. The availability of VIQ’s FirstDraft solution in the region will quickly transform evidentiary digital content into highly specialised legal documentation to provide near real-time access to interviews, testimony, and dictation in a cost-effective manner. Combining the talented transcription staff of Auscript with VIQ’s digital workflow solutions will result in improved service.
“The need for automation has never been stronger. COVID lockdowns in Australia have created a solid backlog for both VIQ and Auscript to use scalable technology, powered by AI, to quickly produce accurate, verbatim, diarized transcripts for courts in the region,” said Susan Sumner, President and Chief Operating Officer, VIQ Solutions. “We welcome the Auscript team, their wealth of knowledge and industry experience to VIQ.”
For more information about VIQ, please visit viqsolutions.com.