VIQ Solutions Announces Record Q1 Earnings with 112 Percent Year-over-Year Revenue Growth
Today, VIQ Solutions reported financial results for the 2019 first quarter and the close of an oversubscribed capital financing round. According to CEO and President Sebastien Paré, these results set a new turning point after last year’s acquisitions, which required $6.5 million in capital funding. “By March 31, the year end foundation began to reveal its accretive value, both operationally and financially, with much more to come throughout 2019 as the AI platform integration accelerates.”
VIQ Solutions Inc. Set for Strong 2019 Growth Building on 2018 Results
Fiscal 2018 was a transformative year for VIQ as the company established a solid foundation for continued growth, margin expansion and return to sustainable cash profitability throughout 2019. While the actual and pro forma 2018 financial results include several one-time items, including transition purchase accounting adjustments, transaction closing costs, and impacts of the US government shutdown in the fourth quarter, VIQ’s operating performance during the first quarter of 2019 is tracking ahead of plan with an approximate revenue and gross margin of $6.3M and $2.8M respectively compared to $3.0M and $1.2M of revenue and gross margin in Q1 2018.
VIQ Solutions Announces New CFO, Cements Strong Executive Leadership Team Following Record Pro forma Revenue Growth in 2018
Today VIQ announced the appointment of Alexie Edwards as Chief Financial Officer, following the upcoming retirement of George Kempff. For the past six years, Mr. Edwards had a significant role in the growth of Jonas Software, one of the largest software divisions of Constellation Software, where he was Vice President Finance and enabled substantial shareholder value. His appointment as CFO completes a strong executive management team by bringing his background as a highly experienced financial technology executive to the table.
VIQ Solutions Launches its Transforming Transcription Platform, AI-enabled NetScribe™
Today VIQ announced that NetScribe, its robust cloud-based transcription platform for major insurance, court and law enforcement customers, will be released over the next few weeks. Built with VIQ’s AI based speech-to-text technology, NetScribe will significantly increase human transcriptionist efficiency, decrease turn-around times and yield higher transcription accuracy. “Our customers will benefit from exceptionally accurate documentation and be able to access drafts more quickly than ever before,” says GA Morin, VIQ Chief Information Officer.
VIQ Solutions CEO to Speak at the Ladenburg Thalmann Technology Expo 2019
CEO Sebastian Paré will be a speaker at the exclusive conference of institutional and high net worth investors to discuss VIQ’s integrated technologies and services that have the power to transform the traditional, highly fragmented transcription industry. He will also comment on VIQ’s growth in the judicial, insurance and law enforcement sectors and discuss innovative, new products like VIQ’s NetScribe™, MobileMic Pro™ and aiAssist™.
VIQ Solutions Strengthens Cybersecurity and Analytics in Upcoming Software-as-a-Service Releases
The new update to VIQ’s cloud and subscription-based services will employ the best available defenses against ever-evolving cyber threats. These releases will deliver innovative and dependable solutions, plus offer higher levels of protection and audit capabilities — a critical feature as captured content increasingly moves to off-premise infrastructure. VIQ’s enhanced cybersecurity measures ensure customers have secure content and confidential information protection all day, everyday.
VIQ Solutions Adds Executives to the Leadership Team to Drive Growth Strategy and Integration of Newly Acquired Services Organization
Today VIQ announced the appointment of Gilles-André Morin as Chief Information Officer and Laura Serrano-Haggard as Chief Marketing Officer.
Morin and Serrano-Haggard join VIQ Solutions’ executive leadership team to accelerate the integration of recent accretive acquisitions, ramp sales and adoption of new cloud-based technology, designed to change the way legal, law enforcement, and insurance organizations capture, analyze, transcribe and communicate audio and visual information.
VIQ positioned for continued growth and transformation in 2019, ends year with significant wins in the US and EMEA markets
“This was a landmark year of transformation for VIQ,” said Sebastien Paré, President and CEO of VIQ. “I’m extremely proud of what we achieved in 2018 having entered the year with a recurring revenue run-rate of approximately $10M USD, and I am even more excited about the prospects for 2019 as we enter the year with $23M USD in recurring annual revenue with the opportunity to improve VIQ’s growth profile and operating margins through a combination of sales growth, expense efficiencies, expanded customer service, cross-selling opportunities, accelerated technology sales and additional strategic acquisitions.”
VIQ Solutions Accelerates M&A Strategy, Announces Acquisition of Two US Insurance Documentation Solution Providers
“We are pleased to welcome Transcription Express and HomeTech to VIQ Solutions,” said Sebastien Paré, President and CEO of VIQ. “The addition of these industry leaders and the volume of recordings they transcribe will significantly expand the addressable content of our AI services and generate new value for all our customers.”
VIQ Announces Multi-Year Technology Contract for Spark & Cannon with Victoria Police
“Spark & Cannon is entrusted to transcribe more than 300 million words each year under concurrent multi-year government transcription contracts in Australia,” said Sebastien Paré, President and CEO of VIQ Solutions. “With the expansion of our service offering to include capture technology for Victoria Police, we are providing them a true end-to end solution.”
VIQ Solutions Reports Third Quarter Results and Provides Operational Update
“The Company continued its transition to SaaS and artificial intelligence-based revenue from its new products,” stated Sebastien Paré, VIQ President and CEO. “Growing customer acceptance strengthens VIQ’s recurring revenues and growing market presence while scaling up the transition.”
VIQ Solutions Announces Acquisition of Leading Law Enforcement and Criminal Justice Secure Documentation Solutions Company
“The acquisition of Net Transcripts, a market and trusted leader in law enforcement, is a substantial milestone in VIQ’s growth strategy to expand our portfolio of services, opening up a significant and growing market in the USA. This highly fragmented market is undergoing major disruption due to artificial intelligence, which is encouraging customers to look at innovative ways to unlock the value in their digital media,” said Sebastien Paré, VIQ President and CEO.
VIQ Solutions Receives Patent Protection for Secure Digital Evidence-Based Training Portfolio
“We believe that this patent-protected innovation will address qualitative variations and other complications encountered when granting procedure-specific licenses to professionals, such as surgeons,” said Sebastien Paré, President and CEO of VIQ. “This technology opens up a practical pathway to assessment, grading and licensing of practicing professionals for specific procedures.”
VIQ Solutions Raises Capital for Strategic & Accretive Growth Acquisitions
“Law enforcement, insurance, and courts & justice are some of the highly fragmented markets experiencing the early stages of a massive digital revolution in the processing of audio and video recordings, and documentation of evidence. In addition, the acquisitions will increase our digital volume for AI processing and advance our AI product commercialization”, said Sebastien Paré, President and CEO of VIQ.
VIQ Appoints COO to drive growth of AI voice technology platform & expand transcription business
“Susan brings extensive experience in operations, process and technology having held executive leadership positions with one of the largest providers of natural language processing document solutions, serving the medical industry,” said Sebastien Paré, President and CEO of VIQ.
VIQ Reports Q2 Revenue Growth & Operational Update
“We are excited to see our customers transitioning from conventional license and support models to our new SaaS platform. Our customers are truly gaining an understanding of the benefits, and are moving to take advantage of the enhanced functionality offered by NetScribeTM and aiAssistTM,” said Sebastien Paré, President and CEO of VIQ.
VIQ releases first commercial AI application
“MobileMic has been completely re-engineered and is the first commercial deployment of VIQ’s aiAssistTM Artificial Intelligence platform,” said Sebastien Paré, President and CEO of VIQ Solutions. “We are excited to offer this artificial intelligence capability to the marketplace and existing customers.”
VIQ Announces New Partnership with Canadian Police
“We are honoured to provide the city police with our technologies for capture and management of sensitive interrogations. VIQ Satellite employs cybersecurity, data analytics and our collaborative web portal,” said Sebastien Paré, President and CEO of VIQ Solutions.