Press Release: The Carlyle Group Invests in Translation Software Provider Memsource
London, UK and Prague, Czech Republic: 2 July 2020 - Global investment firm The Carlyle Group (NASDAQ: CG) today announced that it has acquired a majority stake in Memsource, a language translation software provider, from existing shareholders. Memsource management, including Founder and CEO David Canek, remain shareholders in the business. The financial terms of the transaction are not disclosed.
Founded in 2010 and headquartered in Prague, Czech Republic, Memsource is a leading translation technology provider that assists global corporations and the language services industry to automate the localisation of large volumes of multilingual content. The company is a leader in AI-powered translation technology, which makes localisation easier, faster, and more cost-effective. Memsource has a fast-growing customer base of enterprises, localisation partners, freelance linguists, as well as leading universities. Memsource translation software is used by leaders in their respective industries, such as Uber, Zendesk, Supercell and Vistaprint.
Equity for the transaction comes from Carlyle Europe Technology Partners IV fund, which backs lower middle market technology-focused opportunities in Europe and the U.S. The investment and overall support from The Carlyle Group will enable Memsource to seek to accelerate its growth across all key markets including North America and Asia.
David Canek, Founder and CEO of Memsource, said: “We are excited to partner with Carlyle. At Memsource, we have always been committed to helping our clients optimize their localisation. With Carlyle’s support, we will significantly accelerate the pace at which we bring innovative solutions to our customers. By building on our patented AI technology, we will strive to lead the transformation of enterprise localisation together with Carlyle.”
Fernando Chueca, a Managing Director in the Carlyle Europe Technology Partners advisory team, said: “We are delighted to partner with David and his team to support the development of Memsource. In its relatively short history, Memsource has emerged as a leading technology provider to the global localisation market, with a unique proposition to enable the adoption of machine translation and automation across the industry.”
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $217 billion of assets under management as of March 31, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 32 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
Memsource helps global companies translate efficiently. Ranked as the most viable Translation Management System by CSA Research in 2019, Memsource supports 500+ languages, 50+ file types, and 30+ machine translation engines. Memsource enables its customers to increase translation quality while reducing costs using its patented, state-of-the-art AI technology. With a team of over 120 people in offices across Europe, US and Japan, Memsource serves thousands of global customers, including leading brands such as Uber, Zendesk, Supercell and Vistaprint. Further information is available at www.memsource.com. Follow Memsource on Twitter @Memsource.
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