VIQ Solutions Announces Acquisition of Transcription Express and HomeTech

VIQ Solutions (TSXV:VQS) announced the acquisition of two US insurance documentation solution providers Transcription Express and HomeTech, as the company hopes to accelerate its M&A strategy.

As quoted in the press release:

Key highlights of the transactions include (all amounts in USD):

• Adds $6.4 million in annualized recurring profitable revenue on an EBITDA of 20% based on the 12 month trailing revenue in October and will be immediately accretive to VIQ;
• Adds more than 55 active insurance clients in the USA, including more than a dozen Fortune 500 insurance customers covering 49 states;
• Extends VIQ’s footprint in a MarketsandMarkets.com estimated $6 billion market for the voice to text transcription;
• Adds approximately 3.5 million minutes a year of secure multi-speaker video and audio content;
• Adds the production of well over 104,000 transcribed pages per month from captured voice; that volume combined with VIQ’s innovative aiAssist^TM and transcription workflow services will translate to significant improvements in margin and generate savings for our combined customers.

As announced previously on November 9, 2018, VIQ has entered into non-binding letters of intent (“LOIs”) with certain USA based companies to acquire, subject to ongoing due diligence.

“We are pleased to welcome Transcription Express and HomeTech to VIQ Solutions,” said Sebastien Paré, President and CEO of VIQ. “The addition of these industry leaders and the volume of recordings they transcribe will significantly expand the addressable content of our AI services and generate new value for all our customers.”

“Transcription Express has spent more than two decades delivering fast, accurate, and secure digital transcription services,” states Darren Hurst, President of Transcription Express. “Leveraging VIQ’s leading secure technologies and AI services will deliver significant benefit to our customers and the business.”

Key markets served by VIQ’s Secure Capture Management, Transcription, Analytics and AI Services product family now include vertical offerings such as secure and compliant verbatim documentation in insurance, which includes secure ontent management, expert accreditation, and transcription services; law enforcement interview capture and transcription; court proceedings capture and management as well as government entities requiring secure evidence capture, management and analytics. VIQ intends to develop and acquire additional assets that expand its markets, solutions and AI services.

Click here for the full text release.