Fri, 03 Mar 2023 | BUSINESS NEWS
Language services firm The Translation People has said it plans to at least treble in size over the next five years through a mix of organic and acquisitive growth. The company, which received backing from private equity firm Mobeus earlier this year, has also announced the appointment of Tom Grunwald (pictured above) as its new Chief Financial Officer.
As CFO, Grunwald will drive The Translation People’s organic growth plans, as well as its buy and build M&A strategy. In its accounts for the 2022-2023 financial year, The Translation People reported turnover of £7.5 million.
Discussing the firm’s buy and build strategy, Grunwald commented: “When it comes to our buy and build strategy, we’re looking for LSPs (language service providers) with the right culture fit in terms of how they work with both employees and clients.”
“As well as looking for businesses with a strong client base, we’re also interested in those which are using technology in an innovative way or have a solid track record in specialist verticals, which will help us strengthen our service offering and consolidate our presence in key sectors.”
Regarding the company’s broader growth plans, Grunwald said: "The translation market is large and fast-paced, so it's an exciting time to start implementing these ambitious growth plans. The Translation People proved to be resilient during the pandemic and despite the current economic uncertainty, the business continues to capitalise on opportunities.”
"With new technology like AI driving the sector forwards, it's a pivotal moment for LSPs and part of our approach will be to explore how we can utilise technology to enhance our offering to clients."
"To support our organic growth, we're actively recruiting new talent and investing in our people through training and development. We already use technology such as machine translation to improve efficiencies and services to clients, but we're exploring other new solutions to build on our capabilities.”
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