VIQ Solutions Acquires Auscript – A Leading Court Recording and Transcription Services Company
13 Décembre 2021 - 9:00PM
Business Wire
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
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.
Acquisition Details:
- 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.
About VIQ Solutions Inc.
VIQ Solutions 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
Auscript acquisition and VIQ’s vision and acquisition and growth
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/20211213005328/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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