Global Language Services Leader Sees 3% Growth in 2023
TransPerfect, a leading US-based provider of language services and technology, announced record revenues of USD 1.2 billion for 2023, marking a 3% increase from the previous year. This achievement solidifies their position as the world’s largest language service provider (LSP) by revenue, a title they claimed in 2021.
Technology Drives Growth
Co-founder and now Co-CEO Phil Shawe attributed much of the company’s growth to organic expansion in their technology groups, including GlobalLink, DataForce AI solutions, and Trial Interactive’s eClinical technology. Additionally, the TransPerfect Legal division experienced a 15% increase, while the TransPerfect Connect contact center and over-the-phone interpretation saw similar growth.
Shawe highlighted an overall rise in demand for multilingual content and government clients, but noted that their focus on AI and machine learning (ML) resulted in slower top-line revenue growth for traditional services due to cost savings passed on to clients.
AI & Investment: Shaping the Future
TransPerfect’s investment in AI R&D and management yielded a USD 30 million revenue increase. Shawe expects Generative AI and Large Language Models (LLMs) to continue transforming the industry, emphasizing their ongoing commitment to this area. This focus has enabled them to offer consultative services for clients seeking to integrate AI into their own operations.
The company anticipates continued growth in the legal sector, bolstered by several large contracts secured for Q1 2024. Media localization is another promising area, with growing demand for subtitling and dubbing, fueled by new studios in their Pune, India offices.
Shawe noted that Asia continues to outperform the Americas and Europe in terms of media localization growth, despite the impact of Hollywood strikes in 2023. Additionally, TransPerfect has expanded into “emerging markets with incredible potential,” including Cape Town, Casablanca, Ho Chi Minh City, Jakarta, Lagos, Melbourne, and Nairobi.
Expanded Offerings and Leadership
TransPerfect’s AI offerings in media localization are becoming a key differentiator, with strong growth anticipated for services and GlobalLink Media technology platforms like BeHive and GlobalLink TV. Several AI-driven SaaS products are also under development, along with the recent launch of GlobalLink Share, a file-sharing service. Shawe expects further enhancements to the GlobalLink suite in 2024, focusing on workflow, productivity, and website localization.
“AI empowers businesses to translate larger volumes of content cost-effectively, but increased volume also necessitates managing more language assets and complexity,” says Shawe. “This is where workflow systems like GlobalLink become crucial. Organizations need to do more with less, and GlobalLink delivers both increased productivity and business intelligence.”
In the legal space, TransPerfect is launching “Reef Review,” an online document hosting and review platform that aims to revolutionize the way law firms handle document reviews.
As AI permeates workflows and automates routine tasks, TransPerfect is expanding its human capital. At the time of publication, they had over 111 open positions listed on Indeed. Additionally, Shawe will be sharing the CEO role with Jin Lee, a 20-year veteran of the company who previously held the title of Senior Vice President for Global Production.