VIQ Solutions ("VIQ," "VIQ Solutions" or the "Company") (TSX: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription, announces the launch of NetScribe™ Advanced Formatting, a cost-effective solution for the documentation needs of courts, deposition companies, legal firms, and law enforcement.
VIQ has longstanding relationships with major courts and law enforcement agencies worldwide, and has extended over US$17.0M in annual revenue with its top customers, many of whom are utilizing NetScribe™ as they expand their relationship with VIQ. During Q124 alone, VIQ added over 79 new logos and total NetScribe™ minutes have increased, year over year, by 30%. Our customers recognize that there will not be a direct pivot from traditional service/labor-based documentation creation to AI/STT-generated text. The evolution will be the adaptation of hybrid solutions that will broaden access to documentation where it had been cost-prohibitive in the past and utilize full editing capabilities with the human-in-the-loop on the most essential and critical evidentiary requirements.
NetScribe™ Advanced Formatting offers new capabilities that automate the production of documents with complex requirements, such as exact number of lines per page, custom cover and certification pages, automated indexes, and witness movements, all within the NetScribe™ platform. When combining these innovations with NetScribe’s hallmark workflow automation and speech-to-text with post-processing, multi-speaker detection and Domain-Specific Language Models (DSLMs), the NetScribe™ platform offers a powerful end-to-end solution to produce highly usable documentation, both as FirstDraft™ and verbatim documents. As documents are corrected by a human, VIQ’s DSLMs continuously learn about the documentation nuances (such as accents, terminology, formatting of punctuation and words, disfluencies, diarization characteristics, and more) of a specific vertical, geography, or customer, which is then used to produce FirstDraft™ documents that are highly accurate. With the addition of NetScribe™ Advanced Formatting, both the structure and the content of a document become fully automated with a highly accurate and usable output.
“We are excited to introduce these enhancements to our solutions,” said Susan Sumner, President and Chief Operating Officer at VIQ Solutions. “We are committed to using our core technologies to solve the problem that is at crisis levels in some jurisdictions. We also believe that access to court transcripts and depositions should not be limited to those who can afford a full transcript. We believe that the availability of a usable draft document will help to give broader access to all.”
NetScribe™ Advanced Formatting is the latest feature that deepens our commitment to providing courts, deposition companies, legal firms, and law enforcement with the ability to introduce advanced technologies with confidence. We believe that NetScribe™ Advanced Formatting provides users with an easy way to introduce cutting-edge solutions without major disruptions, while providing significant cost savings.
About VIQ
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.
For more information about VIQ, please visit viqsolutions.com.
Forward-looking Statements
Certain statements included in this news release constitute forward-looking statements or forward-looking information (“forward-looking statements”) under applicable securities legislation. Such forward-looking statements 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 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 in this news release include, but are not limited to, statements relating to the capability of NetScribe™ Advanced Formatting and VIQ's expectations regarding the adoption of NetScribe™ Advanced Formatting. Forward-looking statements are 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 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 business plans and goals. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.
Forward-looking statements are 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 statements, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s annual information form for the year ended December 31, 2023 and in the Company’s other materials filed with the Canadian securities regulatory authorities from time to time, available at www.sedarplus.ca. 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 any forward-looking statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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Contacts
Audrey Liu
Corporate Controller
VIQ Solutions Inc.
Phone: (800) 263-9947
