The Israeli start-up Verbit acquired the American subtitle provider VITAC

The Israeli start-up company Verbit, which has developed an artificial intelligence-based transcription system, announced today (Tuesday) the acquisition of the American subtitle provider VITAC. An associate of the company estimates the scope of the deal at about $ 50 million.
The acquisition of the company positions Verbit as a world leader in the field of transcription and subtitles in the fields of law, media, education, and in the public and business sectors. The company said that the acquisition will expand the capabilities of Verbit and its customer base in the media field, with customers such as CNN, FOX and more.
Founded in 2017 and raised $ 122 million, Verbit uses AI technology to transcribe audio to written text in a variety of fields and employs over 30,000 freelance transcribers whose job is to pinpoint transcript results. The company boasts 99% accuracy, with the combination of human and artificial intelligence enabling corrections and refinements in real time and at high speeds.
All Vitek employees are expected to continue in their position even after the acquisition. The subsidiary will have 350 employees and Verbit aims to recruit another 200 employees by the end of the year.
Tom Livneh, CEO and founder of Verbit, said: "The partnership with Vitek will enable us to expand the range of the company's services and products solutions to the media and communications market and even better support the other areas the company currently serves - academia, law, law and large businesses. We will continue to invest in our technology and recruit new employees, in order to continue to develop and provide the best response to the changing needs of our customers. "