Shares of AI-driven digital services provider VIQ Solutions (NASDAQ:VQS) are up nearly 40% at the time of writing today after the company teamed up with Justice AV Solutions (JAVS) on delivering AI-generated draft transcripts of proceedings in the courtroom. JAVS provides court recording and AV solutions to courtrooms.
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JAVS has a footprint across more than 10,000 installations in the U.S. as well as more than 10 countries and the partnership is expected to help VIQ’s solutions expand across courtrooms all over the world.
As governments look to accelerate digital modernization, the two companies will offer an end-to-end solution utilizing NetScribe and FirstDraft which use proprietary AI algorithms. The President and COO of VIQ Solutions, Susan Summer commented, “By combining JAVS’ expertise in recording and AV support with our advanced transcription workflow technology, powered by AI, we can provide a powerful solution that transforms the user experience and enhances court efficiencies.”
Overall, the Street has a $1.13 consensus price target on VIQ alongside a Moderate Buy consensus rating. Despite today’s surge, shares of the company still remain 82% lower over the past year.
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