VIQ Reports Steady Revenue Growth and Profitable First Quarter Results

VIQ Solutions Inc (TSXV:VQS), a global expert providing a cybersecurity for digital evidence capture and content management reported financial results for the three months ended March 31, 2018.

The company said that its revenues increased 4.2 percent to US$3 million from US$2.9 million in Q1 2017. Further, its software revenue increased six percent and services by 3.1 percent year over year.

As quoted in the press release:

“We are pleased to report continued growth in top line revenue, and profitability for the quarter,” said Sebastien Paré, President and CEO of VIQ. “We experienced steady revenue growth from existing customers including some customers upgrading to our latest platform to take advantage of new products and services including VIQ’s upcoming aiAssist^TM.”

“Development of our previously announced, two new transformative products — aiAssist^TM and Net Scribe Web progressed on plan.  Our cognitive artificial intelligence will allow customers to unlock the value of all the content that they capture and store via our core products.  As we near commercial launch later this year, we are paving the way for demand with our existing customer base, and opening new vertical opportunities,” Mr. Paré said.

Q1 2018 Highlights:

• The United Kingdom’s Ministry of Justice commenced an upgrade taking advantage of the latest features and advanced security added to the VIQ platform.

• The UK Nursing and Midwifery Council doubled the size of its VIQ SaaS installation and extended its subscription service.

• Partnered with Malomatia QSC to collaborate on the prestigious Qatar Supreme Judicial Council audio/video courthouse project. The newly constructed Court House complex integrates the latest global technology and security standards into Qatari courtrooms.  VIQ’s sophisticated and secure software integrates fully with Cisco video conferencing solutions to feature the latest high definition (HD) cameras and display monitors in several rooms within the complex. This Cisco integration once again proves the valuable power of VIQ’s partnerships.

• Ghana’s National Parliament upgraded their daily Hansard Parliamentary recording and transcription system within the main chamber of Parliament and additional committee rooms using VIQ’s platform. All are integrated with our central content server and recordings are made simultaneously from all rooms.

• Deeper expansion into Africa with VIQ product suite installations within the Mauritius National Assembly, Mauritius Ministry of Finance and Economic Development, Botswana National Assembly and the KZN Provincial Legislature.

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