VIQ Solutions Releases Innovative Android & iOS App, Shares Climb On News

The enterprise technology sector is on an upward swing as the economy, domestic as well as international, finds solid ground.

Technology companies, mainly engaged in serving enterprise markets, are looking ahead to better times as businesses recalibrate their IT and security budgets.

VIQ Solutions Inc. (TSX-Venture:VQS) is one such company which serves a highly niche market and offers products and services for digital evidence capture, retrieval and content management.

The company announced Monday morning that it has taken a major step ahead with the release of its Apple and Android apps. These apps are innovative in that they will allow users to be able to use their mobile device apps for capturing Audio / Video remotely.

With these new products, the company now has access to people using Android and Apple phone and other mobile devices, thus opening up a potentially lucrative market for it.

The new app, called VIQ EnConnect, is aimed at professional users. It allows for the secure capture of interviews or testimony for courts, law enforcement or immigration agencies. It can also be used for AV evidence capture for insurance providers or for education and training to document proof of competency and facilitate assessment.

With such varied uses, the app may be used by not only individuals but also businesses. It also is capable of taking synchronized notes or customized questionnaires, which can then be integrated with VIQ Solutions’ back end platform using an encrypted network connection.

VIQ Solutions claims that the system is highly secure and meets top notch privacy standards including PIPEDA and HIPAA. The app’s customized version is already being used by the students at McMaster School of Medicine.

The company is not only working on its products but also on the financial front as well. Recently, VIQ Solutions announced that it has made an early repayment of its loans and the company is now debt free.

This will make the company more supple and adaptive. It is now in the position to take on a more aggressive stance.

VIQ Solutions is also expanding into overseas markets. It recently announced a multi-million-dollar and multi-year contract with New South Wales Police. The effect of these developments are amply visible on the stock price with shares of VQS gaining over 90% in the past 12 months. The trend may stay in place as long as the company continues to churn out new products and gain new markets.

This year, the company is also looking to go ahead with its transition towards a software-as-a-service (SaaS) based revenue model. VIQ Solutions believes that the move will help it in boosting its topline by tapping recurring revenue streams.