Greek translation and localization automation platform Transifex has been acquired by US search fund PARC Partners in an undisclosed deal. According to the Greek company, the investment will fuel continued growth with additional capital, as well as management resources focused on customer value creation.
As a platform that powers the process of launching digital products and content into multiple languages, today Transifex is present in more than 70 countries and is working with 1400+ tech and global enterprises. The company has a team of 55 people running its global localization platform, the company’s founder Dimitris Glezos said in a press release.
“I am confident that PARC’s ambitious development plans and strategic vision will continue to accelerate the company’s growth and innovation for many years to come,” Glezos, who will remain in the company as an advisor, added.
PARC Partners’ Chris Reese and Tony Pilnik will be succeeding Glezos in his position. According to Panagiotis Papachristofilou, Head of Marketing and Demand Generation at Transifex, in the near term the company will remain the same category-leading product built and managed by the same team.
“In the medium term, we see a clear opportunity to grow the business 3-5 times over the next 5-7 years. This can only be done through investments in both product innovations and customer outreach. The company has a long history as a leading innovator in the localization software space, which will continue under new leadership,” Papachristofilou tells The Recursive.
Furthermore, now that the market demand has reached a critical mass and its growth continues to accelerate, there is a pressing need for Transifex to invest in sales and marketing to meet growing customer needs, he added.
Real-time conversations with customers in their own language is key to new markets
Founded in 2009, Transifex is inspired by the emergent changes in software development and digital content creation. For most companies, having real-time conversations with customers in their own language creates lasting relationships and, regardless of whether the message is distributed through software, apps, or websites, the company explains.
In the longer term, Transifex expects to continue being present on the $40bn language services market, where today software spending sits around $1bn.
“Emerging technologies like AI content creation and voice interfaces share a common need for a human review layer between the end customer and the computer model to ensure the right message is put forward, and that need is even stronger when the elements of multiple languages and cultures are involved,” Papachristofilou tells The Recursive.
Therefore, the new leadership of the company is uniquely suited to pursue this and it will be focused on building the business for the next 10-20 years or more, he noted.
According to incoming CEO Chris Reese, Transifex’s vision of making all software and content available in every language is what attracted PARC Partners to the company.
“As the category-leading product enabling the global ambitions of digital-native companies, Transifex is poised for rapid growth alongside its customers,” Reese said.
“We see tremendous demand for a localization solution that sits seamlessly at the core of the tech stack and allows customers to translate their content in the most cost-effective method possible without slowing down the speed of creation,” incoming president Tony Pilnik concluded.