Dubber acquires world-class AI technology company Notiv
Melbourne, Australia, September 19, 2021 / PRNewswire / – Dubber Corporation Limited (ASX: DUB) (Dubber) today announces that it has acquired Brisbane, Australia technology group based on Notiv (https://www.notiv.com). Notiv is a developer of innovative cloud-native AI-based products that turn meetings into transcribed notes, summaries, signals, actions, and more.
Steve mcgovern, CEO, Doubler:
âOne of our core beliefs is that artificial intelligence has a role to play as a standard feature of every call and conversation. Notiv is an important step towards achieving this goal in that it offers cases clear and defined for everyone, from individuals to the largest of them.With Notiv, Dubber will now have the ability to automatically take notes and create actions to take on each call.
We welcome the Notiv team to Dubber and the AI ââand data science expertise it brings. We see the teams combining to form the core of our Dubber AI Labs to develop future AI capabilities.
The integration of the Notiv business is rewarding for both parties as Dubber can expose the fantastic capabilities of the Notiv offering to a global customer base and the Notiv team can develop a continuous flow of revenue generating services for the Dubber’s target market.
Dubber’s overall strategy is to increase organic annualized recurring revenue (ARR) while increasing that growth with strategic acquisitions where possible. Acquisitions must either add accretive and synergistic revenues or provide substantial product and technology capacity, which will drive ARR’s organic growth. The acquisition of Notiv perfectly reflects this strategy, and the speed with which the parties executed the transaction now allows the Company to continue to pursue other identified opportunities. ”
Notiv will be available to Dubber Foundation partners, select service and solution providers, and sold alongside other Dubber solutions for business and government.
Chris Raethke, co-founder and CEO, Notiv:
âThe Notiv team is exceptionally proud of the technology we have developed. The ability to deploy Notiv globally with the world’s leading service providers is an opportunity you won’t want to miss. The chance to join the growth journey of Dubber right now and expanding Dubber’s AI and NLP capabilities is exciting for all of us, and we are confident that the combination of Dubber and Notiv will bring incredible value to customers, businesses and our shareholders.
James slaney, COO, Doubler:
âDubber has more than 150 global service provider network partners as well as all of the world’s leading unified communications solutions – and is the only true native and cloud service of its kind.
Our strategy has always been to use this footprint to deliver layers of value and generate associated revenue. Notiv fits this strategy perfectly and is accelerating our existing AI program in three ways.
First, we benefit from an exciting and proven product designed to address a compelling use case: to improve meetings by automatically allowing voice data to replace or enhance note taking. We believe the ability to create notes, highlights, and actions in every video and phone call provides invaluable use cases for all demographics, from individuals to large corporations, expanding Dubber’s already large market. Increased productivity can benefit everyone in all methods of communication. For example, a trader on a phone call could instantly capture customer inquiries and share the actions. Likewise, C-level executives could use Notiv to note and capture actions during a planning meeting.
Second, we believe that the ability to deliver this capability directly from the network will be a compelling proposition for existing and new service provider partners. In addition to the opportunity for service providers to generate new services, additional revenue and differentiation, we believe Notiv is an ideal product to increase the value of our first Foundation Partner program.
Finally, Notiv will provide Dubber with a world-class team with deep expertise in AI and data science. Together, we will accelerate our overall product roadmap and capabilities and advance our AI, digital signal processing and natural language processing technologies. Notiv strengthens our leadership in capturing and transforming conversations between one person and another – and large groups of people in a meeting.
We continue to unleash the potential of AI at every endpoint and enable our service and solution providers to move from selling connectivity to extracting value from every conversation on their networks. They will now be able to do this with Dubber Notiv on the same hyper-secure, scalable and compliant infrastructure that Dubber has already made available to more than 150 service providers worldwide, including all of the world’s leading unified communications solutions. “
Key terms of the transaction:
- Dubber acquired Notiv through the purchase of all of the issued share capital of the holding company Pinch Labs, Inc., a US company that wholly owns and operates the Brisbaneof operations and technology based on
- Overall consideration of approximately A $ 6.6 million
- AU $ 5.15 million paid in cash on completion and the balance, representing 24.8% of the consideration, is to be settled by the issuance of 386,277 fully paid Dubber ordinary shares at a deemed issue price of $ 3.75. The shares will be issued under the existing issuance capacity of Dubber Listing Rule 7.1
- Management and key employees should stay with the company, including Chris Raethke, co-founder and CEO and Dr Iain mccowan, co-founder and CTO
- The agreement also includes customary provisions for a transaction of this nature, including warranties and representations, confidentiality and non-competition / solicitation.
- Accretive fundamentals. Proven application and technology with customers having a strong fit with the product market and alignment with the Dubber solution set
- Enhances Dubber’s service and solution provider offering – and current product offerings. Accelerates Dubber’s technology roadmap both in terms of providing Dubber with access to AI technologies and also by adding a critical and differentiated product
- Strengthens the differentiation and value of the Dubber Foundation’s partner program – and its more than 150 service and solution provider customers worldwide
- Expands Dubber’s Conversational Intelligence Offerings
- Dubber to accelerate the adoption of Notiv globally. Provides Notiv with essential sales and marketing resources to scale go-to-market capabilities
- Strong synergies in the product approach mean that technologies can be easily unified into common platforms with the potential to create efficiencies over time
- Support for key shareholders. All key management shareholders retained in the company with incentives to continue strong performance
- Bonus and cash consideration in advance. No other amount to pay
- No additional investment in people or technology required to achieve scalability
- High potential for improving future income (or reported income), typical of an early stage tech company
This ASX announcement has been approved for posting on ASX by Steve mcgovern, CEO and Managing Director.
Dubber unlocks the potential of voice data in any call or conversation. Dubber is the world’s most scalable unified call recording service and Voice Intelligence Cloud adopted as the backbone network infrastructure by several of the world’s leading telecommunications operators. North America, Europe and Asia Pacific. Dubber enables service providers to deliver conversational recording from virtually any source, turning it into AI-enriched information for compliance, revenue, customers and people. Dubber is a disruptive innovator in the multi-billion dollar call recording industry. Its software-as-a-service offering eliminates the need for expensive and limited on-premise hardware, applications or storage.
Notiv transforms the content of a meeting into actionable information through transcripts, notes and actions generated by AI and NLP related to the recording. Notiv keeps you on track by allowing you to find and share the transcript, summary decisions, and actions. Whether over the phone, computer or in person, Notiv empowers Meet Better â¢ users. www.notiv.com
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