By M. Marin
VIQ Solutions (OTC:VQSLF) operates a technology platform that offers artificial intelligence (AI) enabled with voice-to-text capabilities. The company continues to transition to recurring monthly fee revenue under a SaaS model. In the current economic environment, this is expected to help offset possible revenue pressure. Moreover, VIQ’s target markets – law enforcement, judicial and insurance – continue to operate and the company has added new revenue, both organically and through M&A.
Consistent with its strategy to leverage M&A to complement organic growth, VIQ Solutions has made five acquisitions in little more than a year, including two accretive transactions completed earlier this year. The acquisition of Washington, DC-based ASC Services and Atlanta, Georgia-based ZWord are expected to add new revenue, as well as new clients, including several Fortune 500 companies.
In addition, the company has also added revenue though new contracts and by signing new clients. For instance, earlier this year, VIQ was awarded a $1.2 million contract to provide digital capture and management of official court records for the Queensland Department of Justice and Attorney-General. Australia has been an important market for VIQ, comprising roughly 24% of its total revenue.
With about 1,300 customers worldwide, VIQ is also beginning to build a significant backlog of orders as it expands its footprint and service offerings. The company’s technology platform can scale to provide service to the expanding client base and VIQ can even provide customized solutions for clients’ specific needs.
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