Extending its long-standing relationship with the Victoria police department, Spark & Cannon, the Australian reporting and transcription services division of Toronto-based VIQ Solutions (TSX-V:VQS), has been awarded a new multi-year contract for providing secure transcriptions of police recordings.
According to VIQ, the contract is valued at over A$2.0 million (C$1.94 million) annual, as estimated from historical work with the police department. Spark & Cannon is now the sole transcription service provider of the agency.
Spark & Cannon has been working with the Victoria police and its 332 stations for a decade delivering transcription services. The news release on the contract didn't provide specifics on the length of the award, only describing it as providing "solid revenue for many years."
Sebastien Paré, President and CEO of VIQ Solutions, says the new contract will include use of VIQ's latest artificial intelligence capabilities.
He added that he hopes to expand the company's technology and services offerings to Spark & Cannon's customers, which include police, medical and legal clients throughout Australia.
Last month, VIQ launched its re-engineered MobileMic, the company's studio-quality recording tool utilizing artificial intelligence to generate automated transcriptions and documents. The program is available through the Apple App Store and Google Play Store, requiring a download fee of $1.99 and a subscription service to the VIQ aiAssist engine.
News of the $2.0+ million contract for Spark & Cannon has bolstered shares of VQS in early trading on Wednesday. Shares had sunk to a 52-week low on Tuesday, closing at 16.5 cents.
About an hour into Wednesday's session, shares are up 9.1% at 18 cents.
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