Tag: Straker

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Straker Wins Major Contract with IBM

AI, Business News, Localization

Shares of New-Zealand based Straker Translations (ASX.STG) jumped almost 45% today — November 11 in New Zealand — on the announcement of a strategic two-year agreement with IBM starting in January 2021.

Straker’s AI-based RAY platform runs on IBM Cloud, and integrates seamlessly with IBM’s technology platforms. It outperformed other technologies that were considered in the selection process. Of particular note is the ability to take on IBM’s global media localization to provide multimedia content in 30 languages.

The localization company already provided localization services into Spanish, and will now expand its portfolio to 55 languages in support of IBM cloud services, IBM adaptive translations, and IBM global media localization. Volumes have not been disclosed, but Straker expects significant growth in revenue and a 30% increase in headcount to handle the new languages.

“This agreement is a recognition of the outstanding capabilities of our technology to handle a large volume of translation that is currently managed internally at IBM. Our talented team will be able to achieve major productivity gains with AI-powered RAY platform,” Straker CEO and co-founder Grant Straker told MultiLingual.

After IBM announced last month that it was restructuring by spinning out its infrastructure services business, IBM CEO Arvind Krishna made it clear that his focus is going to be on transforming the organization into a hybrid cloud management vendor. This is certainly a good sign for Straker and its shareholders.

 

 

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Katie Botkin, Editor-in-Chief at MultiLingual, has a background in linguistics and journalism. She began publishing "multilingual" newsletters at the age of 15, and went on to invest her college and post-graduate career in language learning, teaching and writing. She has extensive experience with niche American microcultures across the political spectrum.

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Straker Posts Record Growth Amid COVID-19 Filing Reveals

Business News

Grant & Merryn Straker

Straker Translations co-founders Grant and Merryn Straker

New Zealand’s Straker Translations (ASX:STG) increased revenues by 28% in June 2020 compared to the same month in 2019, according to quarterly filings with the Australian Stock Exchange, where the company is listed. CEO Grant Straker told Multilingual News that “we are happy with the fantastic result by the Straker team delivering for our customers in crazy times. I feel like I could write a book about that quarter!”

Straker’s market capitalization is approximately $41 million. Its stock price went up 7% on this announcement.

Media, mergers and acquisitions

The company’s growth is tied to the media segment and new enterprise opportunities in video conferences and online business, fueled by advances in its AI-driven proprietary technology which includes speech recognition and subtitling features. While revenue from traditional work was affected during the year, it was offset by growth in new market segments until last June, when all workstreams picked up the pace. The revenue run rate would put the company’s annualized revenue at NZD 31.7 million ($21.1 million).

Straker has invested efforts in R&D projects, as the company believes that AI-powered services for the media segment like subtitling and advanced dubbing will bring positive results for the business. Another accelerator for growth will be the restart of M&A activities with a goal to complete at least one deal before the end of Fiscal Year 2021, backed by the strong capital position and stable cash flow of the company.

Grant states that “technology is at the heart of our customer value proposition. We have brought machines and humans together in a way that no other translation company has been able to do, and this has allowed us to continually decrease production time while increasing accuracy.”

New blood

Earlier this month, Straker Translations announced the appointment of David Ingram as its new Chief Financial Officer after the resignation of Haydn Marks in June. Also in July, Amanda Cribb joined the board of Straker as an independent non-executive director.

The full report to the shareholders can be found on the ASX website.

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MultiLingual creates go-to news and resources for language industry professionals.

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