Translation and interpreting company Translit said it has has secured €500,000 in funding from private equity firm Clashrock Capital.
The Cork company provides translation and interpreting services, and a wide range of language services such as website localisation, document legalisation, general localisation, and voiceover and also operates offices in Dublin and Limerick.
Clashrock Capital, founded by Martin Fitzgerald in 2015, is a private investment vehicle backed by entrepreneurs and business people.
Fitzgerald said: “The global language services market is a multi-billion euro industry. We were attracted to invest in Translit having recognised their extensive international portfolio of clients, an exceptional network of international interpreters and translators, and proven leadership of CEO Alex Chernenko for the last nine years.
“The new Translit technology platform will provide global market access and enable this business to scale rapidly internationally. With this investment, and experience and vision of the Clashrock’s backers, we see huge market opportunity for this established and proven player to dominate the international language services market.”
In Association with
Freelance Providers Ltd, the Translit operating company, booked a net profit of €20,000 in 2017 and had a year-end net worth of €50,000. Debtors increased through 2017 from €26,000 to €41,000.
Translit chief executive Alex Chernenko added: “Translit is already providing translation and interpreting services in over 70 languages all around the world, and we know that the potential to serve the language market is even greater using the new platform.
“It will drive and support our growth in the corporate market, making it easier for companies doing business to acquire experienced, qualified and accredited translators and interpreters. Doing business in any language will be now easier, faster and more efficient than ever before with Translit as partner.”
Photo: Alex Chernenko (centre) with Dave Ronayne of Mainport Group (left), Martin Fitzgerald of Clashrock Capital and h Laura Del Valle. (Pix: Provision)
