TransPerfect Expands Global Footprint with Acquisition of Language Services Provider TranslateNow
New York, NY, USA, June, 2018 -- TransPerfect, a provider of language and technology solutions for global business, announced it has completed the acquisition of TranslateNow, a former competitor, with operations in Shenzhen and San Francisco. Financial terms were not disclosed.
The addition of TranslateNow will provide TransPerfect with its first physical location in Shenzhen. Known as "China’s Silicon Valley", Shenzhen is home to some of the country’s largest companies including Huawei, Tencent, ZTE, and BYD. The acquisition will further strengthen TransPerfect’s ability to address the rapidly growing market for translation services and technology in China and throughout the entire Asia-Pacific region.
TranslateNow Co-Founder Matt Arney will join TransPerfect’s management team as a Vice President, and the successful company will continue to operate as a TransPerfect division. Arney will lead day-to-day operations of the newly created division, and virtually all members of the TranslateNow team will retain their current roles.
"Asia is the fastest-growing region in the global language industry, increasing by some estimates at more than 20% each year," said Arney. "We’re excited to merge our extensive experience and brand recognition in China and throughout Asia with the depth of resources and best-of-breed technology that TransPerfect offers."
TransPerfect CEO Phil Shawe remarked, "Unlike typical deals that large translation industry competitors may attempt, this transaction is not at all about ‘synergies’ or cost cutting through the elimination of jobs; it is quite the opposite. The TransPerfect-TranslateNow merger is all about like-minded entrepreneurs going to market together and capturing opportunity in the Asian marketplace. We’d like to offer the TranslateNow team a warm welcome into the TransPerfect family, and we’re completely confident that the whole of our combined companies will be greater than the sum of our parts."
Posted by Veronica Silva Cusi, news correspondent
Date Posted: Friday, June 22, 2018
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