The Carlyle Group has acquired a majority stake in Czech Republic-headquartered language translation software provider Memsource.
The Memsource management team, including founder and CEO David Čaněk, will remain shareholders in the business.
The financial terms of the transaction were not disclosed.
Memsource assists global corporations and the language services industry to automate the localisation of large volumes of multilingual content. The company specialises in AI-powered translation technology, which, it says, “makes localisation easier, faster, and more cost-effective”.
Memsource has a fast-growing customer base of enterprises, localisation partners, freelance linguists, as well as leading universities. Memsource translation software is used by Uber, Zendesk, Supercell and Vistaprint.
Equity for the transaction comes from Carlyle Europe Technology Partners IV fund, which backs lower middle market technology-focused opportunities in Europe and the US. The investment and support from The Carlyle Group will enable Memsource to accelerate its growth across all key markets including North America and Asia.
White & Case advised The Carlyle Group on the deal. The White & Case team was led by partner Ken Barry and included partner Will Smith (London), counsel Jan Parik (Prague) and associates Will Summers, Lowrie Robertson (both London), Jan Jakoubek, Kamila Dankova, Iva Cechrakova and Monika Sedlackova (all Prague).
Čaněk said: “At Memsource, we have always been committed to helping our clients optimize their localisation. With Carlyle’s support, we will significantly accelerate the pace at which we bring innovative solutions to our customers. By building on our patented AI technology, we will strive to lead the transformation of enterprise localisation together with Carlyle.”
Fernando Chueca, a managing director in the Carlyle Europe Technology Partners advisory team, said: “In its relatively short history, Memsource has emerged as a leading technology provider to the global localisation market, with a unique proposition to enable the adoption of machine translation and automation across the industry.”