Multinational companies and changing web demographics fuel push to "go global"
NEW YORK, New York, April 24, 2001 - Translations.com, inc., a leader in the field of website globalization and language solutions, today announced that the company has closed its first round of Series A financing. Deutsche Asset Management, through its affiliate Deutsche Bank Sharps Pixley, Inc., led the financing round with an investment of $2.5 million. Other investors in the company include advertising legend Jay Chiat, Scient founder, Eric Greenberg, and Pennell Venture Partners, a venture capital fund.
Translations.com, inc. provides cultural consulting, custom application development and translation services for companies expanding their multilingual Internet capabilities for international markets and multilingual US markets. Translations.com's customized client services range from content translation and cultural consulting to enterprise-wide data management solutions, including customized language portals, for marketing, supply chain management, web-based services, corporate communications and online education.
"Translations.com offers compelling enterprise language and technology solutions to multinational corporations," said David West Smith of Deutsche Asset Management. He continued, "The market for Translations.com's core services is tremendous and we're confident that Translations.com will remain a leader in their space for the foreseeable future."
Phil Shawe, chief executive officer of Translations.com, inc. stated, "This round of financing, including the investment from Deutsche Bank, comes at a critical stage for our company as we concentrate our resources on those areas of the business that contribute most to our top line revenue growth." Mr. Shawe continued, "Through their investment, our financial partners have enabled us to aggressively go after the rapidly expanding market for translation and globalization services."
Translations.com will use the Series A funds to expand the company's coordinated marketing effort, hire additional talent for its management team, continue development of customized technical solutions and grow the firm's operations domestically and internationally to better serve the company's growing list of Fortune 1000 clients.
About Deutsche Asset Management
Deutsche Asset Management (DeAM) is one of the world's largest investment management organizations. Part of the Deutsche Bank Group, DeAM has approximately $600 billion in assets under management globally and approximately $250 billion under management for clients in the Americas.
About Translations.com
Translations.com is known worldwide for the quality of its software and website localization, as well as its enterprise language solutions for clients in virtually every major industry. Translations.com's business services meet the strategic needs of organizations seeking to communicate and conduct business in international markets. The company has an established global presence on three continents and continues to pioneer new techniques and technologies for the rapid development of multilingual business solutions.
Translations.com is part of the TransPerfect global group of companies. For more information, please visit www.translations.com, or email the company at info@translations.com.