NEW YORK–(BUSINESS WIRE) – HIG Capital (“HIG”), a number one world various funding agency with $ 43 billion in fairness beneath administration, is happy to announce the completion of the sale of the Synthetic Intelligence division of Lionbridge Applied sciences ( “Lionbridge AI”) to TELUS Worldwide (NYSE and TSX: TIXT), a subsidiary of the Canadian firm TELUS Company (T-TSX; NYSE-TU) for $ 935 million. HIG continues to retain possession of Lionbridge AI’s mother or father firm, Lionbridge Applied sciences (“Lionbridge”), a world chief in language and localization providers.
HIG initially acquired Lionbridge as a part of a personal capturing transaction in February 2017. Following this acquisition, HIG recognized Lionbridge AI, a supplier of knowledge providers and applied sciences used within the growth of algorithms for IA, as a core progress asset and has made vital investments in Lionbridge AI’s. enterprise infrastructure, together with the institution of a devoted management workforce, go-to-market group and expertise capabilities.
“In some ways, our seamless and deep partnership with HIG is the perfect mannequin of how working firms and monetary companions ought to work collectively,” mentioned John Fennelly, CEO of Lionbridge. “Since going personal in 2017, Lionbridge has achieved vital progress in income and profitability, considerably elevated its worker engagement metrics, whereas getting nearer to our prospects. The HIG workforce has been an unimaginable associate and an indispensable asset as a sounding board for our administration workforce. They’ve given us the chance to put money into progress areas the place we’ve got been capable of obtain disproportionate returns. ”
Matt Lozow, Managing Director of HIG Capital, mentioned: “Over the previous 4 years, we’ve got partnered with John and the Lionbridge administration workforce to make Lionbridge AI a collection of cutting-edge expertise services. to satisfy the quickly rising demand for AI. We’re happy with their success and imagine Lionbridge AI is uniquely positioned to proceed on its progress path. We sit up for our continued partnership with John and the complete Lionbridge Applied sciences management workforce as we work collectively to drive the expansion of Lionbridge’s core language and localization providers enterprise. ”
Morgan Stanley & Co. LLC acted as monetary advisor and Kirkland & Ellis LLP acted as authorized advisor to HIG and Lionbridge in reference to the transaction.
About Lionbridge Applied sciences
Lionbridge companions with manufacturers to interrupt down obstacles and construct bridges around the globe. For 25 years, we have been serving to companies join with their prospects and workers around the globe by offering translation and localization options in over 350 languages. By our world-class platform, we orchestrate a community of passionate specialists throughout the globe who associate with manufacturers to create culturally wealthy experiences. Relentlessly in our love of linguistics, we use the most effective of human and machine intelligence to forge an understanding that resonates with our shoppers’ shoppers. Based mostly in Waltham, Mass., Lionbridge operates answer facilities in 26 international locations. Be taught extra about www.lionbridge.com.
About HIG Capital
HIG is a number one various asset funding agency with $ 43 billion in fairness beneath administration. * Based mostly in Miami, and with workplaces in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta in the USA, in addition to worldwide affiliate workplaces in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, HIG makes a speciality of offering debt and fairness capital to small and medium-sized companies, utilizing a versatile and operations-oriented / value-added system approaching:
HIG’s fairness funds put money into administration buyouts, recapitalizations and firm exclusions in worthwhile and underperforming manufacturing and repair firms.
HIG Debt Funds put money into senior, unitranche and junior debt financings to firms of all sizes, each on a major (direct origin) foundation and in secondary markets. HIG can be a major supervisor of CLO, via its WhiteHorse household of automobiles, and operates a publicly traded BDC, WhiteHorse Finance.
HIG’s actual property funds put money into value-added properties, which may profit from finest asset administration practices.
Since its inception in 1993, HIG has invested and managed over 300 firms around the globe. The corporate’s present portfolio contains greater than 100 firms with mixed gross sales of over $ 30 billion. For extra data, please go to the HIG web site at www.higcapital.com.
* Based mostly on complete capital commitments managed by HIG Capital and its associates.