Welocalize Raises $34 Million From Riverside Partners
Welocalize has raised $34 million in funding from Riverside Partners. Riverside is a Boston-based private equity firm. Welocalize is known for translating web based content. The company is based in Frederick, Maryland is was founded in 1997. Below is the full press release:
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
Riverside Partners Invests $34 Million to Support Growth of Leading Content Localization Provider, Welocalize
FREDERICK, Md. and BOSTON, Nov. 22, 2010 /PRNewswire/ — Riverside Partners, a Boston-based private equity firm announced today that it has invested $34 million into Welocalize, a global market leader for content translation, localization and internationalization of web based content.
Welocalize was founded in 1997 and is based in Frederick, Maryland. With over 400 employees in 9 offices located in the USA, Ireland, Germany, China, and Japan, Welocalize provides next-generation translation supply chain management that delivers market-ready, translated content efficiently and affordably. Welocalize’s ability to provide superior translation supply chain management solutions is driven by GlobalSight, a collaborative, open-source Translation Management System (TMS) that addresses the critical needs of its customers. Welocalize’s clients include 8 of the world’s top 10 software and hardware companies and the Company has been ranked on the Inc 5000 list of fastest growing companies for 6 years. Riverside Partners’ investment will be used to support the company’s growth initiatives including investment in the company’s technology systems and potential add-on acquisitions.
“We are excited to continue to build the market leading, client-centric, localization services provider. We believe that Riverside Partners because of its ample capital availability to facilitate additional investment in the business, its experience building other market leading firms within its portfolio, its focus on growth, and its technology expertise is the ideal partner to help us continue to grow our business,” said Smith Yewell, Chief Executive Officer and founder of Welocalize. “Welocalize was looking for not only a source of capital, but a team that is as committed to innovation as we are.”
“We believe Welocalize is one of the most well run and best positioned players in the rapidly expanding localization services marketplace,” said David Belluck, a General Partner at Riverside Partners. “Smith and his team have built one of the most compelling, flexible, and scalable platforms in the market and Riverside Partners is excited about assisting the company in its next phase of growth.”
Revolution Partners, a San Francisco-based investment bank, and division of Morgan Keegan, acted as the exclusive financial advisor to Welocalize for the transaction.
Welocalize offers integrated globalization services and products for the fluid and rapid deployment of enterprise content and applications to international markets. We provide globalization consulting, translation, localization, testing solutions and enterprise translation management tools that are optimized to be able to deliver on-demand translation in over 100 languages. Our clients include Autodesk, Inc.; Canon; Cisco Systems; Computer Associates; IBM; Microsoft; Sun and Symantec. With over 400 employees worldwide, Welocalize maintains 9 offices in the United States, Germany, Ireland, Japan and China. For more information, please visit http://www.welocalize.com.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Partners Fund IV, L.P. The fund focuses on growth oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.
SOURCE Riverside Partners