The Slator 2024 Language Service Provider Index

Slator 2024 LSPI

The Slator Language Service Provider Index (LSPI) is a ranking and an index of the world’s largest translation, localization, interpreting, and language technology providers.

As in the 2023 edition, participants in the Slator 2024 LSPI are listed in order of revenue (in USD for 2023). The ranking is supplemented with information relating to each company, such as year-on-year growth, corporate headquarters, and ownership.

Consistent with previous years, Slator has segmented the landscape of providers into four distinct groups.

  1. Super Agencies – full-service, standalone LSPs with revenues greater than USD 200m;
  2. Leaders – LSPs with revenues greater than USD 25m and that do not fall into the Super Agency category;
  3. Challengers – LSPs with revenues between USD 8m and USD 25m;
  4. Boutiques – LSPs with revenues between USD 1m and USD 8m.

Companies may choose to use the information as a benchmark for their own performance and growth, as an indication of growth in the language services industry, and as a starting point for evaluating strategic options including mergers and acquisitions (M&A).

A number of LSP records show the reporting status as “Pending Figures.” In many cases, this is because the company’s 2023 financial results have not been made available to Slator in time for the launch of the 2024 LSPI.

In such instances, LSPs have been included on the basis of their 2022 revenues. The 2023 revenues for these companies will be added to the Slator LSPI if and when they become available.

LSPI Highlights

Excluding companies that have been added with the status “Pending Figures”:

  • The 2024 LSPI features nearly 250 companies in total, more than 30 of which are making their debut this year.
  • The combined US-dollar revenue of Slator 2024 LSPI companies grew 5.6% in 2023 to nearly USD 9.8bn. This is an attractive headline rate. However, the following should be noted:
    • A significant portion of this growth is the result of M&A-driven consolidation. 
    • We estimate organic growth across the ca. 250 companies featured to be flat
  • Inclusive of both M&A and organic growth, growth among the Super Agencies was 1.8%, compared to Leaders (9.9%), Challengers (9.3%), and Boutiques (2.4%).
  • A number of LSPs reported revenue declines in 2023: 42.9% of Super Agencies, 29.8% of Leaders, 25% of Challengers, and 45.0% of Boutiques. 

The Slator 2024 LSPI will be a useful resource for language industry stakeholders, such as service vendors, buyers, advisers, consultants, and investors when used in conjunction with Slator’s news and research, such as the recent Slator 2023 Language Industry M&A and Funding Report, and other in-depth Research and Reports and Data and Indexes.

The Slator 2024 LSPI is the industry’s first look at the state of the market in 2023. We will publish a brand new Language Industry Market Report in early Q2 2024, with market-sizing and in-depth vertical analysis.

The Slator LSPI contains 2023 and 2022 revenues (in USD) for each company as well as percentage growth, which is based on the original reporting currency. Commentary on 2023 performance data and organizational changes for each LSPI Super Agency and Leader is provided in the expanded records.

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Past Participants

A number of companies that would otherwise be included in the Leader, Challenger, and Boutique groups are absent from the 2024 Language Service Provider Index pending submissions of their financials for both the 2023 and 2024 editions of the Index.

These companies have participated in one or more prior editions of the LSPI and will be added to the main 2024 LSPI if and when they provide financial information for their most recent reporting period.

There is another cohort of companies that would be included in the LSPI but have never publicly disclosed their revenues. This includes, but is not limited to, a number of venture capital- or private equity-backed language service and technology providers.

There is yet another subset of companies known to generate part of their revenues from language services that are not typically included in the LSPI (unless they are able to break out localization-related revenues).

These include the likes of contract research organizations (CROs), media production companies, advertising companies, and government contractors, whose primary activity is not language services. Some are subsidiaries or divisions within companies that derive the main portion of their revenues from non-language-related activities.

Examples of such companies include Deluxe Entertainment Services Group (media production), DXC Technology (end-to-end IT), Datawords (digital content), Gientech (IT solutions and consulting), Worldwide Language Resources (US government contractor), and Morningside (acquired by IP services provider Questel).

Caveats and Data Collection

Interested companies should contact Slator’s Head of Advisory, Esther Bond, to submit their company for inclusion in the next update of the Slator 2024 LSPI. She can also be contacted if you would like to discuss Slator’s advisory services, including M&A advisory services, strategy review, senior management workshop, technology assessment, or custom industry research.

  • Unless otherwise noted, LSPI figures reflect revenues obtained for the company’s fiscal year and, therefore, do not always represent the calendar year.
  • Figures are presented in the US dollar millions (USDm) for the purposes of the index.
  • Where relevant, exchange rates are based on historical data for 2023 (December 31, 2023) and 2022 (December 31, 2022) figures.
  • Unless otherwise noted, percentage growth is calculated based on the currency as reported to / obtained by Slator.

For the most part, Slator LSPI data is self-reported by the companies included and sense-checked by Slator. Where possible, the data has been independently verified by Slator, including using publicly accessible resources, such as annual reports filed with regulators or stock exchanges.