When it comes to welcoming companies from other states or countries, Arizona is bringing them in with open arms. The state is seeing major growth in international companies setting up shop, like Israeli-based tech companies and Canadian companies coming down to get out of the cold.
Canadian technology firm VIQ Solutions, a company that uses artificial intelligence to transcribe audio and video recordings, has announced the move of its headquarters to Phoenix following the purchase of two local companies.
VIQ Solutions is expanding to increase efficiency in its operations, hoping to cut down on the time it takes to transcribe recordings into usable text in the law enforcement industry as well as legal and insurance industries. The company purchased Phoenix-based Net Transcripts in November and Gilbert-based Transcription Express.
The company’s holdings, such as the two listed above, operate out of the new HQ where more companies that the Canadian tech firm plans to buy will be housed as well.
The company chose Phoenix to access more skilled workers in the cloud computing, cybersecurity, and transcription industries. They also wanted to be near its customers and the companies it plans to add to its expanding roster.
VIQ Solutions is looking to scale up its revenue over the next couple of years, aiming to double its current level of $27.5 million to roughly $50 million by 2021. The company currently has more than 1,000 employees throughout the U.S. as well as 900 independent contractors here in Phoenix. And with growth on the mind of the company’s leaders, hiring will be on the docket for company goals.
This move by VIQ only adds to the narrative that Arizona is becoming destination number one for international companies, including those from Canada.
“There are now close to 500 Canadian companies operating in Arizona at 1,500 locations investing billions of dollars into the state. Canada and Canadians are making a statement they like what Arizona has to offer,” Glenn Williamson, CEO & Founder of Canada Arizona Business Council said. “We are now even starting to see very high tech startups and small science-based Canadian companies coming to Arizona as well to establish their U.S. beachhead and make the state their U.S. headquarters, like VIQ Solutions.”
Arizona is booming in travel and tourism for Canadians as close to a million visitors from the northern country pump more than $1 billion into our economy. According to Williamson, the Canada Arizona Business Council has plotted out specific goals to increase awareness of the business ties between Canada and Arizona while also increasing Canadian tourism.
“We continue to push Arizona’s business market to Canadians, whether you are trying to sell houses to Canadian snowbirds or hotel rooms to Canadian tourists or tickets to games…Do you have a Canadian marketing plan? This is something we constantly ask people do you market to the Canadian market,” he said.
The Canada Arizona Business Council is looking to increase tourism between Canada and Arizona, hoping to increase visitor marks from 900,000 to 1.5 million, resulting in $1.5 billion in economic impact. Williamson expects bilateral trade between the two entities to jump from $4.4 billion to $8 billion through an expansion in the services sector.