Transcription Services Company Experienced Rapid Growth Since 2018 Acquisition
VIQ Solutions Inc., a global provider of secure, AI-driven, digital voice and video capture technology, announced Net Transcripts, its law enforcement transcription services branch, generated 83 new, strategically-located clients since VIQ acquired the company in November, 2018.
Net Transcripts offers a powerful combination of technology and industry experience to meet transcription challenges, accurately, rapidly and securely.
New and renewing contracts from major agencies across the United States yield an annual value of approximately US$500K in recurring revenue. Based on 2018 results these contracts generated approximately 50% gross margin and cover 14,300 sworn law enforcement officers who serve 15.1 million residents. This success strengthens Net Transcripts’ regional market dominance, market presence and secures valuable references for new sales opportunities.
“Renewal contract awards are especially significant as competitors often lower prices as their lone value proposition. We provide enhanced client value and our retention rate proves that experience and service quality are more important than price alone,” said Net Transcripts General Manager, Shane Mirkovich.
Net Transcripts, a part of VIQ Transcription Services, transcription personnel are highly skilled in language, nuances and confidentiality procedures mandatory for top-tier law enforcement and criminal justice transcription and translation. VIQ Transcription Services offers translation services in more than 75 languages, providing a “one-stop shop” for police departments and district attorneys.
“Law enforcement officials rely on the recording and documentation of formal and informal interactions, in any location and in any language, to ensure the successful resolution of every case,” said Sebastien Pare, VIQ President and CEO. “We provide solutions that are fast, accurate, flexible and secure to provide clarity in investigations, increase case closure rates and reduce outside risk. We process a million minutes of audio and video per year, in over 75 languages, and bring more than 30 years of experience serving criminal justice and law enforcement clients.”
This vertical-specific expertise is paired with a proprietary, web-based solution ensuring safe, encrypted audio and video file transfer, eliminating physical transfer and processing risk. VIQ Transcription Services technology and expertise overcomes limitations and challenges of poor recording environments, multiple speakers, unfamiliar slang or jargon, and emotional, impaired or uncooperative people.
“The outstanding quality VIQ delivers is clearly important to Net Transcripts’ customers,” said Susan Sumner, Chief Operating Officer, VIQ Solutions. “Net Transcripts and VIQ will continue investing in the law enforcement industry through services we deliver and enhanced technologies that will set a new standard in the marketplace.”