Verbit, an Israeli developer of an AI-powered transcription and captioning platform, has acquired the American company VITAC, which offers captioning products and solutions in North America. The purchase price was not disclosed. Verbit declares that the acquisition now makes it the world’s largest AI-powered transcription and captioning platform.
Verbit combines both artificial and human intelligence to provide a smart transcription and captioning solution. Built on adaptive algorithms, the company boasts that this is the only technology that generates detailed speech-to-text files to provide over 99% accuracy, delivered at record-breaking speed. Smart AI technology supports on-demand CART services for real-time results.
The company says that its vision is to provide a technology that fuels a world where all media shared in classrooms, workplaces and online platforms are inclusive. “We’re dedicated to providing universities and businesses with the tools they need to make all video and media accessible to all individuals,” declares Verbit.
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VITAC is the largest provider captioning products and services in the United States. It is responsible for captioning hundreds of thousands of programming hours each year. Its clients include every broadcast company and most cable networks, as well as Fortune 1000 Corporations, educational institutions, and government agencies.
VITAC boasts that its comprehensive service offerings enable customers to meet requirements as mandated by the Federal Communications Committee (FCC), the Americans with Disabilities Act (ADA), and Section 508 of the Rehabilitation Act, among others. The company was incorporated in 1986 and is headquartered in Greenwood Village, Colorado.
“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. “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.”
VITAC is proud to be joining Verbit, the world’s leading interactive transcription and captioning platform. The combination positions the company as the number one player in the professional transcription and captioning market. https://t.co/LyboeoI93t pic.twitter.com/jIZwimCizo
— VITAC (@VITAC_Captions) May 11, 2021
“We’re delighted to join the Verbit family and bolster their leading position in the transcription industry globally,” said Chris Crowell, CEO of VITAC. “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.”