Private equity backing for global language tech company
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Language technology business, thebigword Group (TBW), says it has raised significant private equity investment from Susquehanna Private Capital (SPC).
Although the exact sum is not being disclosed, it has been revealed this is a multi-million pound investment.
SPC will help Leeds-based group achieve its vision of becoming the world’s de facto multilingual localisation tool with WordSynk.
In 2020, the company launched WordSynk, the world’s first all-in-one localisation platform. Users of the WordSynk platform include the UK, EU and US Governments, NATO members worldwide, and some of the largest companies globally with translation and interpreting support.
Led by CEO Joshua Gould, thebigword Group was founded in 1980 by Larry Gould.
Mark Miller, of SPC, said: “thebigword Group is an extraordinary company led by a world class management team and skilled linguists who collectively are passionate about removing language as a barrier to accessing critical services.
“Together, we will continue to invest in the WordSynk platform to grow its already significant user base and expand TBW’s geographic and end market reach.”
Larry Gould said: “In the 41 years since I founded TBW, we have always invested in technology, but our biggest challenge has always been to convince our clients and linguist community to use that technology.
“Since we rolled out WordSynk, we have seen a considerable channel shift where clients are not only using our technology but embracing it, which has led to even more effective service and a more profitable business.
“What has excited me most about joining forces with SPC is that this gives thebigword the capability to exploit the incredible success we have seen through WordSynk.
“In addition, we believe this has given us the ability not only to win more business but will also enable us to enter into partnerships with other LSP’s across the world.”
Joshua Gould added: “We have consistently delivered success for our customers and invested in our technology offering.
“These two pillars form the basis of our own success as a business, and with SPC, we have found an investor who aligns with our mission, vision and culture.
“With this new relationship, we will be able to advance our long-term vision and accelerate our roadmap, benefiting our employees, customers and linguists across the world.”