VITAC’s Parent Company, Verbit, Receives $250 Million in Series E Funding
Verbit, which acquired VITAC earlier this year, has closed its Series E funding round at $250 million, after securing a $150 million primary investment and $100 million in secondary transactions.
The round was led by a $200 million investment by Third Point Ventures, with additional participation by existing investors Sapphire Ventures, More Capital, Disruptive AI, Vertex Growth, 40North, Samsung Next and TCP.
A full-service captioning and communications accessibility company, VITAC is the largest provider of realtime and offline captioning, audio description, subtitling, and transcription products and services in North America. Responsible for captioning more than 550,000 hours of programming each year, VITAC’s clients include every major broadcasting company, most cable networks, program producers, corporations, educational institutions, and government agencies.
The company plans to pursue further M&A, adding scale and new capabilities, as well as providing enhanced value to its media, education, corporate, legal, and government clients.
“This funding round is a vote of confidence in our ability to solidify our position as the market leader within the transcription space,” says Tom Livne, CEO and Founder of Verbit. “We built a powerful technological platform to modernize this industry and our strategy to build vertically integrated, voice AI solutions has brought tremendous value to our customers and enabled their businesses to become more accessible.”