Semantix will operate as a division within TransPerfect, and it will continue to be led by its current management team
NoMad-based translation-services company TransPerfect has expanded its reach abroad after acquiring Nordic interpreter Semantix for $93 million.
“We're the largest company worldwide. Now we’ve united with the largest company in the Nordics, which we feel is a great market for us,” Transperfect CEO Phil Shawe said. “Because of the demand for languages, because of the breadth of their economies.”
Semantix will operate as a division within TransPerfect, and it will continue to be led by its current management team, the company said.
The Manhattan language company was advised on the deal by CDX and law firms Baker Botts and Vinge. The deal’s financial terms were not disclosed.
Semantix will continue operating under its name in the short term, with the decision whether to rebrand to be left to the local management, officials said.
The Scandinavian company is projected to make $87 million this year. Semantix’s majority shareholder had been a private equity firm, Segulah Fund V.
TransPerfect already was the largest provider of language and technology solutions for global business. The acquisition enlarges its global footprint, with more than 7,500 professionals worldwide.
TransPerfect reported $267 million in sales for the second quarter, an increase of 35% year over year. The company now expects to exceed the billion-dollar mark this year.
In 1992 Phil Shawe and Liz Elting founded TransPerfect from a New York University dorm room. Later Shawe and Elting, his former fiancée, wrestled for control of the company, and a judge ordered them to sell it. In late 2017 a custodian declared Shawe's $770 million offer the best and awarded him the company.