VIQ Solutions Inc. Reports Full Year 2017 Results

VIQ Solutions Inc (TSXV:VQS), a global expert in providing cybersecurity protected technology and service platform for digital evidence reported its financial results for the year ended December 31, 2017.

The company said that the consolidated revenue was approximately $11.7 million which represented 36 per cent growth over the previous year.

As quoted in the press release:

“Fiscal 2017 was a transformational year for VIQ,” stated Sebastien Paré, VIQ President and CEO, and “The Company successfully established a strong foundation for our transition to SaaS and artificial intelligence-based revenue from its new products. We also protected an exceptional earnings growth trajectory for recurring revenue and maintained our gross margins while scaling up the transition.”

“Our 36% revenue growth, AI innovation investments, intellectual property, sales and expanding customer base yielded strong overall results consistent with our strategic plan,” said Mr. Paré.

“Investments in research and development, sales, cloud infrastructure and transcription services increased to maintain our 2018 growth trajectory. Recurring revenue grew by 23% over 2016 as the Company’s cloud platform continued to gain traction. VIQ ended 2017 with a cash balance of approximately $4.1M and no debt.”

“VIQ’s highest growth opportunity is in artificial intelligence and digital content analytics of customer content securely captured in the rapidly expanding SaaS and government secured cloud markets,” continued Mr. Paré.

“The size, quality and high profile of our 2018 sales pipeline, new 2017 customer wins and paid pilots currently underway, reinforces our belief that VIQ’S growth lies in extending digital content capture. This includes management and mining of highly secure content by new AI-based services through voice-to-text, Natural Language Processing and video analytics.”

Click here for the full text release.