Verbit Acquires VITAC
Verbit, providers of an artificial intelligence-powered transcription platform, today announced the acquisition of VITAC, a provider of captioning products. Financial terms of the deal were not disclosed.
The VITAC acquisition enables Verbit to offer a deeper portfolio of solutions. The even more comprehensive transcription and captioning platform will feature AI-based tools, established integrations with video cloud platforms, and support to translate transcription into any language. The combined company will also provide dedicated client success teams.
"We are thrilled to further strengthen our position as the market leader in the transcription and captioning industry in partnership with VITAC. This opportunity allows us to expand our offerings for the media vertical and provide advanced transcription capabilities to our current education, legal, and corporate customers," said Tom Livne, CEO and founder of Verbit, in a statement. "The combined company will harness decades of transcription and captioning expertise to offer customers a best-in-class solution based on our proven technology. We will continue to invest in our platform, top talent, and domain expertise to evolve and develop our solutions to meet our customers’ dynamic needs."
"We're delighted to join the Verbit family and bolster their leading position in the transcription industry globally," said Chris Crowell, CEO of VITAC, in a statement. "We've been incredibly impressed with Verbit's rapid growth and technology advantages, and together we look forward to serving more of this dynamic industry with clients across all vertical segments."