VIQ Solutions Expands Global Leadership in Law Enforcement Transcription, Signs Contract with Police Forces in Australia and United States
Rapid growth continues with more than USD$1M in recurring annual revenue secured in June 2019. In aggregate, these contracts usually yield a gross margin ranging from 25 - 50%
PHOENIX, Arizona, July 09, 2019 (GLOBE NEWSWIRE) -- . (“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 and transcription services, today announced a significant five-year contract with the ).
Covering Western Australia's 2.5 million square kilometers, with over 150 police stations across eight metropolitan and seven regional districts, . Source: . The contract began on July 1.
The WA Police Force generates more than 4,563 transcript requests yearly. The contract value is determined by how many transcripts will be generated over five years. As a result of the contract, Spark & Cannon, a VIQ Solutions company, is now the largest provider of law enforcement transcription services in Australia. The company will provide the WA Police Force with a secure VIQ ordering portal for online transcript requests and will receive their completed transcripts electronically using NetScribe’s™ distribution methodology.
“We are excited to partner with Spark & Cannon and VIQ Solutions to deliver ongoing transcription services to the Western Australia Police Force. We were impressed with their extensive experience, dedication to quality and their commitment to timely, accurate transcripts within the Australian Law Enforcement market,” said Commander Sue Young, Judicial Services, Western Australia Police Force.
Along with the WA Police Force contract, VIQ continues to increase market share in the US law enforcement industry through Net Transcripts, a VIQ Solutions company after adding 13 new clients and 3 contract renewals in June. These additions follow 83 new and recurring contracts announced in May 2019, which is a strong indicator of client satisfaction and continued retention success.
The demand for security and data management over transcription of audio and visual assets within highly regulated industries including law enforcement, insurance and the courts is paramount. VIQ’s rapid growth within these industries, and as the global leader in law enforcement transcription, is directly attributed to its processes and commitment to the security of clients’ data and assets. VIQ is also Criminal Justice Information Services (CJIS) compliant.
“Our deal with is a realization of a strategy that culminates in the power of our industry-leading technology and on-time delivery by our amazing team,” said Susan Sumner, COO at VIQ. “We were chosen because of our law enforcement industry experience, commitment to quality and superior approach to cybersecurity.”
The exploding growth of evidentiary data within VIQ’s global markets will continue unabated in coming years, accelerating the urgent need for fast, efficient and secure capture and transcription. VIQ’s plans for expansive growth from current customers and new contracts as its addressable market is set to reach more than USD$10B in 2021. Source: IBIS World, The Insurance Information Institute and management estimates
For additional information: Please contact Laura Serrano-Haggard, Chief Marketing Officer, VIQ Solutions, email: .
For more information about VIQ, please visit .
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
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