memoQ announces strategic investment in memoQ RFP to revolutionize the RFP response process.
memoQ, a leading provider of a Translation Management System (TMS) is proud to announce its strategic investment in memoQ RFP, Inc., a U.S.-based corporation that is developing the next-generation RFP Response platform.
The investment encompasses a significant cash infusion coupled with a technology licensing agreement that harnesses the robust capabilities of the existing memoQ technology.
memoQ’s decision to invest in memoQ RFP aligns with the rising demand for innovative Request for Proposal (RFP) response tools. The RFP response tool market is projected to be valued at approximately USD 200 million annually, with an impressive growth rate of 15-20 percent per year. This market includes a spectrum of related documents such as Requests for Information (RFI), security questionnaires, ISO and SOC II certification, and industry-specific credential audit documents, all of which necessitate the creation of fresh content while also benefitting from the efficient reuse of previously generated and approved content.
memoQ made the strategic decision to invest in an independent U.S.-based entity so as not to distract from its mission of being the leading TMS provider in the localization industry.
memoQ RFP’s groundbreaking platform will provide users with a unique choice: the option to leverage previously used and approved responses through a technology similar to a translation memory, or to craft an entirely new response using a patent-pending application of generative AI.
Furthermore, memoQ RFP is pleased to announce the appointment of co-founder Mark Shriner as CEO. Mark brings a wealth of experience to his new role, having previously served as the Strategic Sales Director for memoQ. Mark led the effort to revitalize the organization’s RFP response process and worked with team members on a strategic implementation of memoQ’s native technology to support the reuse of previously approved RFP responses.
“We are excited to announce our strategic partnership with memoQ RFP,” stated Peter Reynolds, Co-Ceo of memoQ. “The investment underscores our dedication to propelling innovation and solving real-world challenges faced by organizations in their RFP response process. By leveraging our proven technology and partnering it with memoQ RFP’s fresh perspective, we are confident that we can greatly improve on the processes used for responding to RFPs and all other questionnaire-type documents.”
memoQ is a leading collaborative translation environment and TMS delivering premium solutions to the translation industry since 2004. memoQ is dedicated to providing innovation through diverse developments that empower hundreds of thousands of enterprises, translation companies, and freelance translators worldwide.
Keeping in mind both simplicity and effective translation processes, memoQ leverages its ease of use, collaboration, and interoperability in one complex solution. Discover a new world with memoQ!
About memoQ RFP, Inc.:
memoQ RFP, Inc.,was established in June 2023 to develop a more efficient way to respond to RFPs and other important business questionnaires. The company leverages lessons learned and the application of technology developed by memoQ, a leadingTranslation Management System provider.