logo image
  • News
    • People Moves
    • Deal Wins
    • Demand Drivers
    • M&A and Funding
    • Financial Results
    • Technology
    • Academia
    • Industry News
    • Features
    • Machine Translation
    • — Divider —
    • Slator Pro
    • — Divider —
    • Press Releases
    • Sponsored Content
  • Data & Research
    • Research Reports & Pro Guides
    • Language Industry Investor Map
    • Real-Time Charts of Listed LSPs
    • Language Service Provider Index
  • Podcasts & Videos
  • Events
    • SlatorCon Remote May 2021
    • Localizing at Scale for International Growth
    • Design Thinking May 2021
    • — Divider —
    • SlatorCon Coverage
    • Other Events
  • Directory
  • RFP Center
  • Jobs
MENU
  • News
    • People Moves
    • Deal Wins
    • Demand Drivers
    • M&A and Funding
    • Financial Results
    • Technology
    • Academia
    • Industry News
    • Features
    • Machine Translation
    • — Divider —
    • Slator Pro
    • — Divider —
    • Press Releases
    • Sponsored Content
  • Data & Research
    • Research Reports & Pro Guides
    • Language Industry Investor Map
    • Real-Time Charts of Listed LSPs
    • Language Service Provider Index
  • Podcasts & Videos
  • Events
    • SlatorCon Remote May 2021
    • Localizing at Scale for International Growth
    • Design Thinking May 2021
    • — Divider —
    • SlatorCon Coverage
    • Other Events
  • Directory
  • RFP Center
  • Jobs

Register Before April 15th for SlatorCon Remote and Save 15%!

  • Slator Market Intelligence
  • Slator Advertising Services
  • Slator Advisory
  • Login
Search
Generic filters
Exact matches only
Advertisement
Why This Decade-old Irish LSP Secured EUR 0.5m in Funding

2 years ago

February 12, 2019

Why This Decade-old Irish LSP Secured EUR 0.5m in Funding

M&A and Funding ·

by Esther Bond

On February 12, 2019

2 years ago
M&A and Funding ·

by Esther Bond

On February 12, 2019

Why This Decade-old Irish LSP Secured EUR 0.5m in Funding

Ten years after its founding in 2009, Irish language service provider (LSP) Translit has secured the backing of a handful of local entrepreneurs to the tune of EUR 0.5m (USD 0.57m).

Despite the fact that Translit has been around for a decade, the company’s CEO, Alex Chernenko, told Slator that the LSP is “still a startup.”

The investment was made through Irish private equity firm Clashrock Capital, a company that specializes in partnering with entrepreneurs to come in on investments of this size. According to the company press release, investors include Irish Mainport Holdings CEO Dave Ronayne and Choice Hotel Group founder Frankie Whelehan, led by Martin Fitzgerald of Clashrock Capital, who will all work closely with Chernenko.

Advertisement

Slator 2019 Language Industry M&A and Funding Report

Data and Research, Slator reports
34-page report. Language industry M&A and startup funding. Transaction valuations, trade sales, financial backing, private equity influence, main rationale, seller verticals, geographical analysis, startup funding analysis.
$450 BUY NOW

Translit CEO Chernenko told Slator he plans to use the investment to finance the development of an interpretation platform, which is scheduled for release in May 2019. “I’d like to tell you more, but can’t until the launch,” Chernenko said, though he did disclose that the platform will integrate some third-party components such as VoIP and payment systems.

According to Chernenko, the investors “are bringing more than just money into the company.” He added, “These are private investors based in Cork City….with good connections.”

Asked how the investment came to be, Chernenko said he considered various funding options, including crowdfunding, angel investors, and overseas opportunities, but decided to work with local investors.

The role the investors will take is one of “soft guidance and mentorship support at a board level, bringing their contacts, expertise to the business to help it grow and scale,” Chernenko said. “Certainly, they are involved [albeit] not on a day-to-day basis. Control and management remains with the company,” he emphasized.

It has been a long road to reach this point, Chernenko explained, and his company did not become profitable until three years ago, seven years after launch. “Real traction started in 2016,” he said.

“Up until then the company was just afloat with me working as an employee for other companies. I took a leap of faith, quit my well-paid, full-time job to commit myself to Translit. Since then, we pretty much doubled every year with profits and a growing team,” Chernenko said, adding that he “can’t disclose exact figures,” but Translit still currently generates less than EUR 1m in annual revenue.

Translit is based in Cork, Ireland, with additional offices in Dublin and Limerick. They operate with a team of 17 people (nine full-time employees, the rest interns and temporary staff) and a network of freelance linguists. The company works across multiple verticals including finance, healthcare and pharma, legal and tech, with services including website localization, document legalization, interpreting, and voiceover.

Translit appears to be gearing up to pivot from being a boutique and traditional provider to bringing to market its own platform-based interpretation offering, which Chernenko hopes will “disrupt this service industry.”

Beyond Irish shores, investors continue to back interpreting tech. US-based Boostlingo and Switzerland-based Interprefy raised USD 3.4m and USD 1.75m, respectively, in the past year. Investment into interpretation platforms is unlikely to stop here.

TAGS

Alex ChernenkoBoostlingoChoice Hotel GroupClashrock CapitalDave RonayneFrankie WhelehanfundingInterprefyinterpretingIrelandIrish Mainport HoldingsM&AMartin FitzgeraldTranslitVoIP
SHARE
Esther Bond

By Esther Bond

Research Director at Slator. Localization enthusiast, linguist and inquisitor. London native.

Advertisement

SUBSCRIBE TO THE SLATOR WEEKLY

Language Industry Intelligence
In Your Inbox. Every Friday

SUBSCRIBE

SlatorSweepSlatorPro
ResearchRFP CENTER

PUBLISH

PRESS RELEASEDIRECTORY LISTING
JOB ADEVENT LISTING

Bespoke advisory including speaking, briefings and M&A

SLATOR ADVISORY
Advertisement

Featured Reports

See all
Pro Guide: Translation Pricing and Procurement

Pro Guide: Translation Pricing and Procurement

by Slator

Slator 2020 Language Industry M&A and Funding Report

Slator 2020 Language Industry M&A and Funding Report

by Slator

Slator 2021 Data-for-AI Market Report

Slator 2021 Data-for-AI Market Report

by Slator

Slator 2020 Medtech Translation and Localization Report

Slator 2020 Medtech Translation and Localization Report

by Slator

Press Releases

See all
Smartling Announces Smartling+

Smartling Announces Smartling+

by Smartling

XTM Cloud 12.7 “Intelligent Connectivity” is Here

XTM Cloud 12.7 “Intelligent Connectivity” is Here

by XTM International

LocHub Announces QA Localization Solution For Multilingual Content Publishing Processes

LocHub Announces QA Localization Solution For Multilingual Content Publishing Processes

by Xillio

Upcoming Events

See All
  1. T-Update-2021

    T-UPDATE ’21 VIRTUAL

    by Gerard Castañeda

    · April 15

    Join us at the leading language Industry event for decision-makers. Just pack your agenda for 2 days and travel to the...

    More info €65-421

Featured Companies

See all
Sunyu Transphere

Sunyu Transphere

Text United

Text United

Memsource

Memsource

Wordbank

Wordbank

Protranslating

Protranslating

SeproTec

SeproTec

Versacom

Versacom

Smartling

Smartling

XTM International

XTM International

Translators without Borders

Translators without Borders

STAR Group

STAR Group

memoQ Translation Technologies

memoQ Translation Technologies

Advertisement

Popular articles

Google Translate Not Ready for Use in Medical Emergencies But Improving Fast — Study

Google Translate Not Ready for Use in Medical Emergencies But Improving Fast — Study

by Seyma Albarino

The Slator 2021 Language Service Provider Index

The Slator 2021 Language Service Provider Index

by Slator

DeepL Adds 13 European Languages as Traffic Continues to Surge

DeepL Adds 13 European Languages as Traffic Continues to Surge

by Marion Marking

SlatorPod: The Weekly Language Industry Podcast

connect with us

footer logo

Slator makes business sense of the language services and technology market.

Our Company

  • Support
  • About us
  • Terms & Conditions
  • Privacy Policy

Subscribe to the Slator Weekly

Language Industry Intelligence
In Your Inbox. Every Friday

© 2021 Slator. All rights reserved.

Sign up to the Slator Weekly

Join over 13,800 subscribers and get the latest language industry intelligence every Friday

Your information will never be shared with third parties. No Spam.