The funding will help Memsource accelerate global expansion. Here are the top-line bullets you need to know.
Memsource, a translation management system (TMS) startup, has raised $16M in a private equity funding from The Carlyle Group and other undisclosed investors.
HOW’S THE COMPANY PERFORMING?
- Czech Republic-based Memsource helps companies translate their content in order to support localization.
- The company’s platform supports 500+ languages, has over 200K users, and processes over 2B words each month.
- Memsource’s client base includes Volkswagen, Uber, Bosch, Shopify, Zendesk, Huawei, Fujifilm, and Personio.
- The company acquired translation management system Phrase in January 2021 to expand its product portfolio.
- The startup is currently supported by a global team of over 200 employees and maintains offices in the Czech Republic, Germany, the US, and Japan.
Source: Memsource
WHY DOES THE MARKET MATTER?
- The global translation software market is expected to reach a value of $22.6B by 2027, growing at a CAGR of 16.2%, according to Verified Market Research.
- The proliferation of digital content as well as the high costs associated with traditional translation processes are expected to contribute to market growth.
- Increased digital content consumption amid the pandemic has further increased the demand for translation software.
