Verbit Acquires UK Market Research Transcription Provider Take Note
Voice AI transcription developer Verbit has acquired British market research transcription and captioning service Take Note for an undisclosed sum. Verbit plans to leverage Take Note’s customer base and technology to further its expansion into Europe and add market research to its portfolio of industries.
Verbit Take Note
Verbit provides a combination of humans and AI to transcribe what people say in meetings, speeches, and events. The customizable AI platform offers speech models designed to match industry and client needs. A human checks and edits documents after the AI finishes. Verbit claims the final version is 99.9% accurate. The company began with a focus on legal and higher education markets, but has since widened its network to media and other verticals thanks to continued investment and acquisitions. Take Note handles a mix of transcription, captioning and note-taking for its market research clients, which are mainly in the United Kingdom and Europe. As a UK-based company, Take Note will augment Verbit’s British English capabilities. As its services are already GDPR compliant, Verbit will now have a pipeline for further European expansion.
“The addition of Take Note advances Verbit as the essential partner to deliver on every captioning, transcription and note-taking need,” said Verbit CEO Tom Livne said. “I’m excited to continue consolidating the fragmented transcription market throughout global expansion efforts, while investing more in the UK and European regions, as well as the market research industry’s specialized needs.”
Verbit has rapidly scaled its service features and geographic scope in the last couple of years. Verbit acquired education and government-focused transcription provider Automatic Sync Technologies (AST) in December. Take Note is thus the second acquisition for Verbit since it closed a $250 million funding that brought its value to more than $2 billion in November. A $157 million round six months earlier pushed Verbit into becoming a unicorn valued at $1 billion, which came a month after it bought captioning tech provider VITAC and a year after a $60 million raise. Verbit’s total funding is now more than $550 million, with a reported $100 million in annual revenue. Verbit’s strategy has the money going toward developing technology and scaling the business with new hires and acquisitions. Buying Take Note fits perfectly into that long-term plan.
“We’re delighted to join forces with Verbit and add our Market Research transcription and live note-taking solutions to its broad portfolio for captioning and transcription,” Take Note CEO David Abbott said. “We’re looking forward to bringing our knowledge and specialized team of transcribers into the Verbit fold.”