Argos Multilingual, a Krakow-based language service provider (LSP), announced on October 21, that it has acquired Venga Global, a San Francisco-based LSP with roots in the software industry.
The deal has been in the works since this spring, though the two company’s founders, Kimon Fountoukidis and Kåre Lindahl, have known each other for many years. Argos’ leadership says that the acquisition of Venga will allow the company to expand its array of services offered to include machine learning, and data collection and annotation.
“We have a strategy to be the most reputable provider of language solutions for enterprise clients,” said Argos’ CEO Véronique Özkaya. “Venga’s expertise is focused on the High Tech and HR Tech sectors specializing in blue chip clients and fast growing companies.”
She added that, because the two companies have very little overlap in terms of their clientele, the deal was a particularly appealing opportunity to expand both companies’ reach.
Özkaya, who was interviewed last month in MultiLingual TV’s C-Suite HotSeat, said she believes the combined size of the two companies will also allow Argos and Venga to attract new talent. In 2020, Argos’ revenue was valued at $23.4 million, making it one of the top 100 largest LSPs in the world, according to The 2021 Nimdzi 100 report. Since its founding in 2008, Venga has opened up nine different offices across four continents, and was placed on The 2021 Nimdzi 100 “Watchlist.” (Nimdzi is a sister company of MultiLingual). According to Özkaya, revenues in 2021 are projected at $35 million for Argos and $20 million for Venga. The combined companies are expected to reach $60 million in 2022.
“Venga gained its expertise in the software industry, and we have used technology to create innovative solutions for our clients – anything from API integration and automated workflows to NLP data annotation technology,” said Lindahl, also Venga’s CEO.
Argos appears to be on a roll when it comes to mergers and acquisitions (M&A) this year. The company also acquired Chillistore in January 2021, a move that allowed the company to expand further into language quality assurance services. Özkaya said that Argos continues to be on the lookout for more M&A opportunities.
“We will continue our trajectory to offer services to enterprises to allow them to release content to their audiences in the most relevant way,” Özkaya said. “Building new solutions and solving customer challenges has enabled steady growth and we look forward to going even further.”
“At Argos, we always look for the best possible fit when we consider M&A, and the fit between Argos and Venga was obvious,” she added. “Venga shares our customer obsession as well as our values of honesty and integrity, and they also boast an entrepreneurial mindset that makes everything possible.”