Alexei Vitchenko bought a translation service translate.com. The transaction amount is $853,000
Ukrainian investor Alexei Vitchenko bought translate.com service, which makes the top 50 of the world’s largest translation services. The amount of the transaction is $853,000.
According to the investor, he became interested in this business, due to the fact that the international market of translations and related services is growing by an average of 1.3% per year, while there was a jump of 4.2% in 2018, according to IBISWorld. Another factor was that translate.com is quite a successful business.
translate.com has the following features:
- a large part of orders are not only to European languages but also to the Vietnamese, Indonesian, Japanese, Chinese ones;
- possibility to work with 90 language pairs;
- 50+ integrations with various chats/ticket systems/SaaS solutions;
- machine and human translation;
- 40,000+ translators and post-editors around the world.
The main objectives of translate.com for the next 5 years are: to increase turnover and income and get close to the main competitors in the world market – Lionbridge, Lingotek. The service needs investments for these purposes. The money will also be spent on marketing and development.