Virtual meetings are getting a makeover with more and more software companies providing translation solutions rooted in artificial intelligence. Most recently, cloud-based call recording software Dubber (ASX: DUB) reported an annual recurring revenue (ARR) growth of 51% to $59 million as businesses jumped on board with its unified recording and conversational AI services. 

Dubber’s total operating revenue was $35.6 million, up 75% on FY21. As per its report, the growth is a result of the Company’s new and expanded service provider agreements along with additional Dubber subscriptions by service providers’ business and enterprise customers for Dubber’s cloud conversational recording. After all, its subscriber count increased by 38% to nearly 600k. 

At the end of June 2022, Dubber had 175 contracted service and solution providers agreements, an increase of 9% on the prior year. Besides that, it experienced substantial organic growth across its core businesses, and it increased its employee strength significantly by 139% to 242.

Steve McGovern, Chief Executive Officer, commented, “We came into FY22 focussed on growth and achieved it at the same time as transforming the infrastructure and operations of the business.”

“Whether it be call recording in a regulatory environment, or differentiated features at a Service Provider level, Dubber’s services are not discretionary expenditure for its customers and their end users. Dubber’s cloud based services are even more attractive in the current economic climate as customers seek automation and efficiency in their operations.”

Most of these milestones were made possible with the AU$110 million raised by Dubber in July 2021. It enabled the Company to bring about new tech solutions to accelerate revenue streams. The Company got to optimise on its first mover advantage and provide consistent revenue for service providers. The capital raise at $2.95 per share enabled the business to fully fund its objectives.

Over the past year, Dubber extended its relationships with service providers and expanded the Foundation Partner program—an exclusive program allowing communication solutions to optimise their services with translation tools. 

The revenue was further boosted by its newest acquisitions of Notiv and Speik. Notiv, rebranded as Notes by Dubber, allows users to transcribe any meeting or call and turn that into a set of highlights and actions. Speik provided mobile call recording for tier 1 carriers in the UK and also has payments related technologies whereby it processes billions of dollars in phone payments securely and compliantly and is deployed into large, sophisticated, global contact centre and service provider customers. 

It also formed strategic alliances with leaders in the tech industry. In Europe and America, the Company engaged in discussions with top telecom service providers, including the United Kingdom BT, Vodafone and Virgin Media. In the APAC region, it launched a native Mobile Call recording feature for Optus, initially aimed at enterprises in the financial service sector. Dubber also extended its Telstra relationship and is now available via Telstra’s enterprise billing system and sold by Telstra’s direct and indirect sales channels.

These acquisitions and partnerships, along with Dubber’s increased investment into AI and natural language processing (NLP), helped the Company meet customer demands in FY21. It also focused on expanding its global footprint, making key appointments in its product and sales departments.

In the coming year, the Company will be actively considering merger and acquisition opportunities.