VIQ Reports Second Quarter Revenue Growth

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VIQ Solutions (TSXV:VQS) announced its financial results for the three month and the six month period ended June 30, 2018. The company, a global expert providing a highly secured and protected technology for digital evidence capture and artificial intelligence reported that its revenues increased 2.6 percent to C$3.3 million from C$3.2 million in Q2, 2017. …

VIQ Solutions (TSXV:VQS) announced its financial results for the three month and the six month period ended June 30, 2018.

The company, a global expert providing a highly secured and protected technology for digital evidence capture and artificial intelligence reported that its revenues increased 2.6 percent to C$3.3 million from C$3.2 million in Q2, 2017.

As quoted in the press release:

“We are pleased to report continued revenue growth for the quarter,” said Sebastien Paré, President and CEO of VIQ. “We experienced new customer wins, but also, importantly, we are excited to see existing customers transitioning from conventional license and support models to our new SaaS platform. Customers are truly gaining understanding of the benefits and are moving to take advantage of NetScribe and aiAssist’s^TM enhanced functionality.”
aiAssist^TM and NetScribe – our new transformative products – are progressing to commercial development on plan. Our cognitive artificial intelligence allows customers to unlock the value of all the content captured and stored by our core products. We successfully contracted two international customers to deploy NetScribe as their end to end platform. Full implementation is expected before year end.
“These advancements are critical for VIQ as our newly expanded artificial intelligence fulfills new and existing customer needs. VIQ now positions as an end to end solution provider differentiating us materially from competitors. Customer acceptance of our transformative products combined with our ongoing SaaS transition continues to strengthen VIQ’s recurring revenues and market presence,” Mr Paré added.
Q2 2018 Highlights

Revenues increased 2.6% to $3.3 million from $3.2 million in Q2 2017.
Significant development efforts continued on our new artificial intelligence product aiAssist^TM, ensuring on track development and accelerated new revenue generation from this transformative initiative in the second half of 2018.
Formed new implementation team strictly focused on NetScribe and aiAssist^TM. The team consists of documentation/transcription experts with extensive industry experience.
Phase 2 of The United Kingdom’s Ministry of Justice upgrade has started with the initial pilot site demonstrating the latest features and advanced security added to the VIQ platform.
Several large existing clients have signed multi-year agreements transforming from standard licensing to our new SaaS offering and expanded services.
Spark & Cannon, VIQ’s Australian based reporting and transcription services division, was awarded a major new contract with the Victoria Police for secure police recordings transcription.
Launch of MobileMic, our first ai Smartphone app available on the Google Play and Apple App Stores, providing studio-quality recording functionality, with the power of artificial intelligence to generate professional grade automated transcriptions and document creation for professionals who require an end to end mobile solution.
Further expansion of Bosnia and Herzegovina Courts recording and transcription services.
Botswana National Assembly and Seychelles Supreme Court recording and transcription installations.
New installation at another Canadian medical institute further enhancing training capability, quality assurance and process improvement teams.