Automatic Sync Technologies Next in Verbit’s Acquisition Spree
Summary
The deal, in the works since earlier in 2021, marks the close of a particularly active year for Verbit — now valued at USD 2bn — in terms of M&A and fundraising, starting with the May 2021 acquisition of US-based media captioning company VITAC. “The overall transcription market is ripe for innovation and in need of advanced AI technology to scale businesses,” CEO Tom Livne told Slator. Onboarding the entire AST team, including current CEO Kevin Erler, will bring Verbit’s total headcount to 470 full-time employees. The Verbit and AST platforms currently continue to run in parallel, Livne said, but in the long-term, “we will assess what parts of both brands we’ll combine, and which might be kept as a stand alone. Our goal is to grow the company and, as such, we want to minimize friction.” A 2003 Small Business Innovation Research grant from the United States Department of Education provided AST with its initial funding.
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