Net Transcripts, a VIQ Solutions Company, Lands 83 New Law Enforcement Clients
Transcription services company experienced rapid growth since 2018 acquisition
PHOENIX, ARIZONA, May 22, 2019 (GLOBE NEWSWIRE) -- VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF), a global provider of secure, AI-driven, digital voice and video capture technology, today announced Net Transcripts, its , generated 83 new, strategically-located clients since VIQ acquired the company in November, 2018.
Net Transcripts offers a powerful combination of technology and industry experience to meet transcription challenges, accurately, rapidly and securely.
New and renewing contracts from major agencies across the United States yield an annual value of approximately US$500K in recurring revenue. Based on 2018 results these contracts generated approximately 50% gross margin and cover 14,300 sworn law enforcement officers who serve 15.1 million residents. This success strengthens Net Transcripts’ regional market dominance, market presence and secures valuable references for new sales opportunities.
“Renewal contract awards are especially significant as competitors often lower prices as their lone value proposition. We provide enhanced client value and our retention rate proves that experience and service quality are more important than price alone,” said Net Transcripts General Manager Shane Mirkovich.
Net Transcripts, a part of VIQ Transcription Services, transcription personnel are highly skilled in language, nuances and confidentiality procedures mandatory for top-tier law enforcement and criminal justice transcription and translation. VIQ Transcription Services offers translation services in more than 75 languages, providing a “one-stop shop” for police departments and district attorneys.
“Law enforcement officials rely on the recording and documentation of formal and informal interactions, in any location and in any language, to ensure the successful resolution of every case,” said Sebastien Pare, VIQ President and CEO. “We provide solutions that are fast, accurate, flexible and secure to provide clarity in investigations, increase case closure rates and reduce outside risk. We process a million minutes of audio and video per year, in over 75 languages, and bring more than 30 years of experience serving criminal justice and law enforcement clients.”
This vertical-specific expertise is paired with a proprietary, web-based solution ensuring safe, encrypted audio and video file transfer, eliminating physical transfer and processing risk. VIQ Transcription Services technology and expertise overcomes limitations and challenges of poor recording environments, multiple speakers, unfamiliar slang or jargon, and emotional, impaired or uncooperative people.
“The outstanding quality VIQ delivers is clearly important to Net Transcripts' customers,” said Susan Sumner, Chief Operating Officer, VIQ Solutions. “Net Transcripts and VIQ will continue investing in the law enforcement industry through services we deliver and enhanced technologies that will set a new standard in the marketplace.”
For additional information on VIQ Transcription Services or to schedule a one-on-one meeting with VIQ management, please contact Laura Haggard, Chief Marketing Officer, VIQ Solutions, at +1 (800) 263-9947 or .
For more information about VIQ, please visit their new website at .
About VIQ Solutions Inc.
VIQ Solutions is a global expert in video capture software and audio recording with voice-to-text capabilities. VIQ provides a cyber-secure AI technology and service platform to law enforcement, immigration, medical, legal, insurance, courts, and transcription service providers, enabling them to unlock the value of their enterprise digital media and streamline their document-creation workflow, using artificial intelligence tools for measurable business gains.
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, management’s targets for the Company’s growth in 2018, as well as the size, scope, and timing of the implementation of projects currently in the pilot phase.
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.
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