VIQ Solutions Closes on Auscript Acquisition – Leading Court Recording and Transcription Services Company in Australia Represent an Expected Annual Revenue of $12 million
VIQ Solutions Inc. , a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, announced the closing of the asset acquisition of Auscript Australasia Pty Ltd a leading supplier of secure court recording and transcription services for courts and law firms throughout Australia. All figures are in US dollars.
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“We welcome the Auscript team, their wealth of knowledge and industry experience to VIQ.”
- The acquisition aligns with VIQ’s strategy to increase revenue organically plus expansion by strategic acquisitions in core industries and regions where VIQ has a strong footprint;
- VIQ is now one of the largest providers of recording and transcription services in the Asia Pacific region with the addition of more than 2.3 million pages of specialized transcripts and more than 200,000 hours of evidentiary recordings per year;
- Adds what is expected to be approximately $12 million in annualized revenue;
- Under the terms of the definitive purchase agreement, the assets of Auscript were acquired for $7.65 million with $7.5 million paid at closing and $150,000 payable through a seven-month earnout plan. VIQ funded the acquisition by utilizing cash on hand;
- The implementation of VIQ’s NetScribe™, powered by aiAssist™, to support the Auscript client base will transform complex evidence by combining AI and human expertise to create a collaborative experience improving turn-around times and driving efficiency;
- VIQ anticipates an increase in organic growth with the addition of FirstDraft, powered by AI, to Auscript clients to quickly transform evidentiary digital content to highly specialized documentation providing near real-time access to interviews, testimony, and dictation in a cost-effective manner.
“Our robust operating engine and proven ability to integrate acquired assets allows us to continue the steady pace of closing strategic acquisitions in markets and regions where VIQ has a strong footprint. In the past two months, we completed two acquisitions with combined revenue expected to be approximately $14 million per year in industries and geographies where we see accelerated growth,” said Sebastien Pare, VIQ Chief Executive Officer.
“We continue executing our disciplined approach to M&A to achieve meaningful results,” said Alexie Edwards, VIQ Chief Financial Officer. “Given our previously disclosed acquisition strategy, we accelerated our expansion efforts by acquiring transcription providers throughout the United States, United Kingdom and now Australia. These latest transactions adhere to our acquisition strategy: Expand in attractive geographies, obtain important transcription contracts, add to our active client base, and launch our enhanced technologies that wrap around the NetScribe platform.”
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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.
“The need for automation has never been stronger. COVID lockdowns in Australia created a solid backlog for both VIQ and Auscript to employ scalable technology, powered by AI, quickly producing accurate, diarized transcripts for courts in the region,” said Susan Sumner, VIQ President and Chief Operating Officer “We welcome the Auscript team, their wealth of knowledge and industry experience to VIQ.”
“I want to thank the teams at VIQ and Auscript for ensuring a smooth transition for the Auscript client base, and I congratulate everyone concerned,” said Mr Tony Douglass, outgoing Auscript President and current President of For The Record. “Auscript’s dedicated transcription team will continue to deliver high-quality transcripts for the Australasian justice sector.”