VIQ Solutions (NASDAQ:VQS) stock is taking off on Thursday after the transcription service company announced a partnership with Justice AV Solutions.
Justice AV Solutions handles recording and AV services for courtrooms and offers them to legal professionals. It’s teaming up with VIQ Solutions to make use of its AI-driven audio and video transcription services.
With this partnership, VIQ Solutions is expecting its technology to be added to courtrooms across the U.S. That’s due to Justice AV Solutions’ strong presence in the business with over 10,000 installations across 50 states. It also operates in 10 countries.
Susan Sumner, president and chief operating officer at VIQ Solutions, said the following about the collaboration.
“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.”
Why This Matters for VQS Stock
VIQ Solutions is set to benefit from this agreement as it will expand the use of its technology. To go along with that, it shines a light on the AI services offered by the company. AI is a hot topic among traders these last few months, which is likely helping VQS stock out today.
For example, some 28 million shares of VQS stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 807,000 shares. With this movement also comes a 34.8% rally for the company’s stock.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
