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Under the relationship Ditech Networks will be the exclusive global marketing and sales partner for SimulScribe's voice-to-text (VTT) applications to service providers and enterprises.
The combination of SimulScribe's VTT products and Ditech Networks' Voice Quality Assurance (VQA), mStage, and toktok products is expected to enable Ditech to offer an extensive suite of voice capabilities to carriers.
In exchange for the exclusive rights to sell SimulScribe's VTT products to carrier and enterprise customers, as well as the assumption of SimulScribe's existing carrier and enterprise customers, Ditech Networks will pay SimulScribe USD3.5m upon signing and an additional USD3.5m at the end of the second year of this relationship.
In addition, based on meeting certain revenue targets, SimulScribe can earn an additional USD10m over three years.
Also, SimulScribe has the option to convert portions of this compensation into Ditech Networks stock.
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