VITAC Is Sold to Verbit

Technology & Services

VITAC, a portfolio company of The Gores Group, sale to Verbit


Summary

VITAC Corporation (“VITAC”), a portfolio company of The Gores Group, recently announced its sale to Verbit Inc. (“Verbit” or the “Company”). Terms of the transaction were not disclosed.

Baird served as the exclusive financial advisor to VITAC Corporation on this transaction.

About

VITAC Corporation is the largest provider of realtime and offline captioning products and services in the United States. Responsible for captioning more than 580,000 hours of programming each year, its clients include every major broadcasting company and most cable networks as well as program producers, corporations, educational institutions, and government agencies. VITAC is headquartered in Greenwood Village, Colorado.

The Gores Group, founded in 1987 by Alec Gores, is a global investment firm focused on partnering with differentiated businesses that can benefit from its extensive industry knowledge, decades long experience and flexible capital base. Over its 30 year history, The Gores Group has developed a deep understanding of and appreciation for building businesses and creating value alongside management. The Gores Group is headquartered in Los Angeles, California and maintains an office in Boulder, Colorado.

Verbit is the world's leading interactive transcription and captioning solution, utilizing its in-house, AI-based technology to transform both live and recorded video and audio into 99.9% accurate captions and transcripts for the higher education, legal, media and enterprise industries. The combination of Verbit's in-house Automated Speech Recognition (ASR) technology with human transcribers powers high-quality, word-for-word, interactive, and collaborative transcripts and captions in customizable templates, enabling quick turnaround times and an accuracy rate that is 10 times faster than the industry standard. Businesses, legal agencies, universities and more can leverage Verbit's customizable solution – which meets ADA, FCC, and privacy compliance – to increase operational capacity, accessibility and serve more clients and students. The Company is based in New York, New York, Palo Alto, California, Tel Aviv, Israel and Kyiv, Ukraine with over 30K transcribers and 170 employees around the world.
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Technology & Services

VITAC, a portfolio company of The Gores Group, sale to Verbit

Date
May 2021
Company
VITAC Corporation
Transaction
M&A - Sellside
Sectors
Technology & Services
Verticals
Business Process Outsourcing
Target Location
North America
Acquiror Location
North America

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