Latest news with #TransPerfect
Yahoo
24-06-2025
- Business
- Yahoo
TransPerfect Legal Recognized as Band 1 by Chambers and Partners 2025 Rankings Guide Across Multiple Jurisdictions
High-Profile International Disputes, Client Testimonials, and AI Adoption Drive Independently Assessed Top-Tier Rankings NEW YORK, June 24, 2025 (GLOBE NEWSWIRE) -- TransPerfect Legal, the global leader in legal technology and advisory services, today announced its recognition in the Chambers Litigation Support 2025 guide. Band 1 – United Kingdom (eDiscovery Provider) Band 1 – Asia-Pacific (eDiscovery Provider) Band 1 – Canada (eDiscovery Provider) Band 2 – Latin America (eDiscovery Provider) Band 3 – United States (eDiscovery Provider) This year's results include both repeat top-tier recognitions and new rankings in key global markets, underscoring the strength of TransPerfect Legal's international offerings. The Chambers and Partners rankings guide represents the industry's most rigorous evaluation conducted by dedicated research analysts operating across 200 jurisdictions worldwide. The comprehensive assessment process includes extensive client interviews, peer evaluations, and independent market analysis, with rankings determined through year-round research that evaluates technical expertise, client service excellence, commercial awareness, and demonstrated results across the global litigation support sector. According to client feedback captured in the Chambers research, 'TransPerfect has the resources and expertise to best customize and meet deliverables. It provides a one-stop solution for litigation support with experts across each piece of the disclosure journey.' TransPerfect President and Co-CEO Phil Shawe remarked, 'We are honored to receive these recognitions from Chambers, particularly because they reflect our clients' trust in our global capabilities. Securing Band 1 status across three distinct markets is a testament to the TransPerfect Legal team's ability to serve the complex, multi-jurisdictional needs of our clients.' About TransPerfect Legal TransPerfect Legal is the global leader in legal technology, AI, and advisory services for Am Law 200 and Global 100 law firms as well as corporate legal departments. With offices in more than 140 cities worldwide, solutions include forensic technology and consulting, eDiscovery and early data assessment, managed review and legal staffing, language services, deposition and trial support, and paper discovery, all offered alongside the Reef Technology ecosystem, TransPerfect Legal's suite of proprietary applications that address the needs of legal and regulatory practitioners around the world. For more information, please visit About TransPerfect TransPerfect is the world's largest provider of language services and AI solutions for global business. From offices in over 140 cities on six continents, TransPerfect offers a full range of services in 200+ languages to clients worldwide. More than 6,000 global organizations employ TransPerfect's GlobalLink® technology to simplify the management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at Contact: Ryan Simper +1 212.689.5555mediainquiry@ in to access your portfolio
Forbes
23-06-2025
- Business
- Forbes
How This 'Tax Exile' Embraced AI And Became A Billionaire
'T here's an old story about the Rolling Stones being tax exiled in France,' billionaire Phil Shawe, 55, says by video call from a white-walled office in Puerto Rico, the tropical sun peeking through the shutters. 'I am tax exiled in Puerto Rico.' Shawe affectionately calls Puerto Rico the 'one legitimate tax haven' in the U.S. He relocated to the island in 2018—the same year he won total control of his translation and language services firm TransPerfect—to counteract the effects of taxes related to the deal. Now, his primary residence is a sprawling Old San Juan mansion that was formerly home to the French consulate. The move was also a symbolic end to an intense battle between Shawe and his former fiancée, cofounder and business partner of more than 25 years, Liz Elting. The pair had founded TransPerfect in a New York University dorm room in 1992 and continued to own and run it successfully for nearly two decades, even after she married someone else. Around 2011, though, things turned ugly, leading to legal battles in two states and lots of nasty allegations (battery by high heel, theft, break-ins). At various points, Shawe and Elting both wanted to buy each other out, but couldn't agree. 'Dysfunctional' was what a Delaware judge called the former lovers' relationship—just before he ordered the company's sale at a public auction in 2016. Elting declined to comment; Shawe underlined the company's financial success that year: 'By no measure was it dysfunctional … And the system that forced [TransPerfect] to spend $250 million in legal fees to run a forced unprecedented sale process is the one that is dysfunctional.' More than a dozen bidders competed over four rounds to buy TransPerfect. It came down to three finalists: Shawe, Blackstone (in conjunction with Elting) and private equity firm H.I.G. (which owns TransPerfect competitor Lionbridge). Shawe won with a $385 million for the 50% he didn't own, valuing TransPerfect at $770 million. Since taking over, Shawe has nearly doubled TransPerfect's revenue to $1.2 billion in 2024 in part via acquisitions, buying up nine companies for $40 million in just the last year; he's also succeeded by pushing into the AI realm. TransPerfect is using the technology in conjunction with humans to translate sensitive information and adapt content like websites to other languages and cultures (a service called localization). The company translates more than 7 million words a day on behalf of its hundreds of customers—including Microsoft, P&G, United and Pfizer. According to Katherine Zinger, senior program manager at Microsoft, TransPerfect's GlobalLink program, which automates multinational businesses' process of translating content like websites into different languages, has helped reduce costs for such work by around 30%. Profit margins in the industry are thin, roughly 7%, per Shore Capital analyst Katie Cousins. TransPerfect declined to provide specific profitability figures; as a private company, it isn't required to, but one of its financial advisors told Forbes that its margins are higher than the industry's average. Shawe has bigger plans and promoted longtime employee and potential successor Jin Lee as co-CEO last year to help him take the company to another level. Forbes estimates that TransPerfect—owned 99% by Shawe and 1% by his mother—is worth around $1.8 billion, 2.3 times its value at the time of the auction. He thinks it's worth even more: 'I'd be a billionaire twice over if I sold the firm, but I don't have any intention to sell the firm. Thirty-two years in, and I'm still working pretty hard.' T he earliest days of the company were exhilarating. Shawe and Elting were business students at NYU when they started the translation service out of Shawe's dorm room, bootstrapping the company with savings and credit card debt. Putting in 100-hour weeks, the then-couple created a network of freelancers to translate documents faster and better than competitors. The company grew quickly. They only took outside investment once, but later bought out the investors. 'We liked the freedom, being able to focus on the long-term vision and the lack of other decision makers,' Elting previously told Forbes . Even as the pair's relationship grew rancorous, the company kept growing, reaching revenue of just over $700 million in 2018. While Shawe was relieved when he finally got full control of the company, he was not happy buying it at auction, which he calls 'tax-stupid' and an 'unfair tax burden.' That's when he hightailed it to Puerto Rico. The U.S. territory has tax advantages that allow certain individuals—those who have relocated to the island in the last decade, donate $10,000 a year to a local nonprofit and establish residency, all of which applied to Shawe—to avoid taxes (including federal ones) on capital gains, dividends or interest. As four Congresspeople wrote in a 2023 letter, they are 'tax benefits that Americans could not obtain anywhere else in the world.' Shawe also reincorporated TransPerfect in Nevada in 2018, due to his growing frustration with the Delaware Court of Chancery, where he says he faced hundreds of millions in attorney's fees connected to the TransPerfect litigation that 'put the company at risk.' It's part activism, part revenge campaign: Shawe has sued attorney Robert Pincus, the custodian in the TransPerfect sale, at least three times—mostly over legal fees related to the sale—and appealed the rulings more than a dozen times between 2017 and 2024. (Most have been dismissed and in judgments as recent as last week; Pincus declined to comment.) Shawe was also the biggest donor to Delaware politics in 2024, giving more than $1 million to a political action committee and helping get the state's current governor elected. Further, he solely funds advocacy organization Citizens for Judicial Fairness, aimed at making the chancery court more transparent—and less powerful. H istorically, translation companies have been 'smaller mom and pop businesses' where it's difficult to 'achieve the scale to be attractive to public markets,' says one of TransPerfect's financial advisors. But lately a handful of companies have been grabbing more of the market including RWS, California-based private company LanguageLine and TransPerfect, the three industry leaders. TransPerfect now has 10,000 employees across 50 countries—up from 5,000 in 2018—who help translate everything from legal documents and patents to marketing materials and signage. Longtime employee Kris Marrero, senior vice president of production, says many staffers are extremely loyal to Shawe, crediting him for creating a unique culture that includes annual 'Avengers' strategy meetings that bring together top executives—held at locales ranging from Buddhist temples in Bhutan to waterfalls in Iceland. 'Phil says to us, 'Never make somebody do a job that you wouldn't do yourself,'' Marrero says. 'When I was an early manager, [I had] a backlog of projects and Phil came to my office and helped me work through them one by one.' Senior vice president of tech operations Joe Campbell recalls Shawe cold-calling linguists at 2 a.m. for assistance on a big translation project. Campbell, who has been at the company for 14 years, says he shared an office with Shawe for about a decade. He says Shawe doesn't like to have his own office in part because he likes to mentor people and have them sit in an office with him. Not everyone gives such glowing reviews. There are hundreds of reviews on Glassdoor complaining about low pay and long hours. 'Our compensation structure conforms to or exceeds the norms for each market,' Shawe wrote in an email to Forbes . 'TransPerfect staff worldwide are properly and fairly compensated.' Plus former TransPerfect employees filed a class action suit in 2019, alleging that the company failed to pay overtime wages; it included the 'hundreds' of employees paid less than $1,125 a week in TransPerfect's New York offices. (That's less than the minimum that they'd have to be paid to be exempt from overtime pay). Shawe, not one to stay out of the courts, sued the lawyer representing the class, Jeremiah Frei-Pearson, for defamation in May 2024. Frei-Pearson told Law360 that TransPerfect undertook 'intentional' wage theft, adding that 'instead of resolving this straightforward wage and hour case, TransPerfect has used every trick in the book to delay the day when it is forced to pay the workers it victimized.' Shawe sued again in February, this time for trademark infringement, accusing Frei-Pearson's firm of using a badly-altered version of TransPerfect's trademark in materials used to recruit additional members of the class. Frei-Pearson didn't respond to a request for comment. Both cases are ongoing. Shawe claims the class action is about attorney fees and says he won't settle despite negligible damages because he does not believe TransPerfect 'did anything wrong' and that doing so would bring 'more frivolous litigation.' It faces another class action stemming from a lawsuit initially filed in 2022 by a former contractor in California. The former contractor accuses TransPerfect of misclassifying her—and 'more than 100 putative class members'—as independent contractors and failing to provide 'timely payment,' overtime and rest breaks. ' The good news is, I have a lot of lawyers,' Shawe says—adding that those same lawyers could help Forbes access the court transcripts faster and cheaper. More than in almost any other industry, AI—particularly the rise of machine translation—has affected language services outfits, which began adopting the technology around a decade ago. Still, there's a difference between a company like TransPerfect and something like Google Translate, Shawe explains. With the latter, 'you basically give up the rights to whatever is in that document and Google is allowed to publish that document publicly, or use it to index.' In contrast, TransPerfect's customers include firms that have a great need for confidentiality and accuracy, including the U.S. Departments of Justice, Energy and Homeland Security and pharmaceutical giant Gilead Sciences. Depending on the client, employees still review almost all of TransPerfect's work. Shawe has been taking advantage of the AI boom by snapping up small companies in new areas. Among them: simultaneous interpretation platform TheSpeech and Switzerland- and Germany-based language services company The Apostroph Group. Shawe, who claims he reinvests most of the firm's profits back into the company rather than paying himself dividends, says he has still around $200 million set aside to acquire more. TransPerfect has also been working with Microsoft to pilot some new AI products, for example, says Zinger, and it's been casting about internally for other business opportunities. 'Translation is facing headwinds—mainly because more and more projects are suitable for automated solutions,' Shawe wrote. A ccording to Shawe, the company's fastest-growing lines of business include over-the-phone interpreter TransPerfect Connect, data collection and annotation arm DataForce and the electronic discovery subsidiary of TransPerfect Legal Solutions. The latter two—both of which are doing well, bringing in $49 million and $125 million in 2024 respectively—underscore Shawe's emphasis on internal innovation. For instance, DataForce, which employs contractors from around the world to help anyone from autonomous vehicle firms to pharma companies collect and label the data needed to train their specialized AI models, has evolved thanks to ideas at TransPerfect's annual hackathon. Meanwhile, the legal solutions business came about after Shawe learned that some customers weren't happy with their existing electronic discovery providers (the process of collecting and sharing electronic information in lawsuits). So it created its own. In Shawe's words: 'Cannibalize yourself. If you can bring a better solution by bringing a technology solution to them, even if it's going to mean a decrease in your services revenue, you bring it. Because if you don't, someone else will.' 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Yahoo
05-06-2025
- Business
- Yahoo
TransPerfect Launches New App for Mobile Interpretation
Supports Intuitive Access to a Phone or Video Interpreter in Seconds NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) -- TransPerfect, the world's largest provider of language and AI solutions for global business, today announced it has launched the TransPerfect Interpretation App, enabling users to connect to a live, expertly trained video or phone interpreter in seconds. Available on the web, iOS, Android, and Microsoft devices, the app makes accessing over-the-phone interpretation and video remote interpretation simple and fast. It supports 200+ languages, including American Sign Language, enabling users across multiple industries to quickly and effectively respond to customer needs. It's ideal for hospitals, medical and benefit providers, financial branches, legal, retail stores, first responders, and others in any situation where customer interactions happen outside of a contact center. 'This app marks a significant leap forward in making interpretation services more accessible and easier to use,' commented TransPerfect Connect Vice President Steven Cheeseman. 'With on-demand access to professional interpreters, we're empowering organizations to overcome language barriers in real time. It's fast, intuitive, and purpose-built to support the critical work our clients perform every day.' To use the app, simply select a language from the menu and tap to choose audio or video interpretation. If a video interpreter is not available, the call will automatically route to an audio interpreter. Available to all existing TransPerfect customers, the app enables users to: Capture necessary data (account numbers, claim numbers, medical record numbers, etc.) Adjust the audio, mute lines, turn video on and off Add additional parties regardless of whether they have the application installed Capture user satisfaction at the end of every call (customizable by client) TransPerfect President and Co-CEO Phil Shawe stated, 'TransPerfect customers now have easy access to a live interpreter—wherever, whenever, and in any language.' To learn more about the launch, visit or email us at mobileinterp@ About TransPerfect ConnectTransPerfect Connect is a leading provider of global call center services, business process outsourcing (BPO), and remote interpreting solutions including over-the-phone interpretation (OPI), video remote interpretation, and multilingual email and chat support. With services in over 200 languages and industry-specialized interpreters screened for subject expertise, TransPerfect Connect enables businesses to bridge communication gaps in seconds. TransPerfect Connect is a division of TransPerfect, the world's leading provider of language and AI solutions for global business. For more information, please visit About TransPerfectTransPerfect is the world's largest provider of language and AI solutions for global business. From offices in over 140 cities on six continents, TransPerfect offers a full range of services in 200+ languages to clients worldwide. More than 6,000 global organizations employ TransPerfect's GlobalLink® technology to simplify the management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at Contact: Ryan Simper +1 212.689.5555mediainquiry@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-06-2025
- Business
- Yahoo
TransPerfect Launches New App for Mobile Interpretation
Supports Intuitive Access to a Phone or Video Interpreter in Seconds NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) -- TransPerfect, the world's largest provider of language and AI solutions for global business, today announced it has launched the TransPerfect Interpretation App, enabling users to connect to a live, expertly trained video or phone interpreter in seconds. Available on the web, iOS, Android, and Microsoft devices, the app makes accessing over-the-phone interpretation and video remote interpretation simple and fast. It supports 200+ languages, including American Sign Language, enabling users across multiple industries to quickly and effectively respond to customer needs. It's ideal for hospitals, medical and benefit providers, financial branches, legal, retail stores, first responders, and others in any situation where customer interactions happen outside of a contact center. 'This app marks a significant leap forward in making interpretation services more accessible and easier to use,' commented TransPerfect Connect Vice President Steven Cheeseman. 'With on-demand access to professional interpreters, we're empowering organizations to overcome language barriers in real time. It's fast, intuitive, and purpose-built to support the critical work our clients perform every day.' To use the app, simply select a language from the menu and tap to choose audio or video interpretation. If a video interpreter is not available, the call will automatically route to an audio interpreter. Available to all existing TransPerfect customers, the app enables users to: Capture necessary data (account numbers, claim numbers, medical record numbers, etc.) Adjust the audio, mute lines, turn video on and off Add additional parties regardless of whether they have the application installed Capture user satisfaction at the end of every call (customizable by client) TransPerfect President and Co-CEO Phil Shawe stated, 'TransPerfect customers now have easy access to a live interpreter—wherever, whenever, and in any language.' To learn more about the launch, visit or email us at mobileinterp@ About TransPerfect ConnectTransPerfect Connect is a leading provider of global call center services, business process outsourcing (BPO), and remote interpreting solutions including over-the-phone interpretation (OPI), video remote interpretation, and multilingual email and chat support. With services in over 200 languages and industry-specialized interpreters screened for subject expertise, TransPerfect Connect enables businesses to bridge communication gaps in seconds. TransPerfect Connect is a division of TransPerfect, the world's leading provider of language and AI solutions for global business. For more information, please visit About TransPerfectTransPerfect is the world's largest provider of language and AI solutions for global business. From offices in over 140 cities on six continents, TransPerfect offers a full range of services in 200+ languages to clients worldwide. More than 6,000 global organizations employ TransPerfect's GlobalLink® technology to simplify the management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at Contact: Ryan Simper +1 212.689.5555mediainquiry@ in to access your portfolio
Associated Press
19-05-2025
- Business
- Associated Press
Language Services Market Outlook & Global Forecast Report 2025-2030, Competitive Analysis of Key Vendors - Iyuno, LanguageLine Solutions, Lionbridge Technologies, RWS, TransPerfect, Welocalize
DUBLIN--(BUSINESS WIRE)--May 19, 2025-- The 'Language Services Market - Global Outlook & Forecast 2025-2030" report has been added to offering. The Language Services Market was valued at USD 53.91 billion in 2024, and is projected to reach USD 72.18 billion by 2030, rising at a CAGR of 4.98%. The global language services market is a highly fragmented and competitive industry due to the presence of various players. The language services market is primarily shaped by large multinational language service providers and mid-sized regional firms, each competing on different aspects such as pricing, technology integration, service quality, and industry expertise. The global language services market is led by a few major global players such as TransPerfect, Lionbridge Technologies, RWS, LanguageLine Solutions, Iyuno, and others which leverage economies of scale, extensive linguistic networks, and proprietary technology to maintain their competitive edge. These companies have made significant investments in AI, machine translation, and automation to improve efficiency and reduce costs. Mid-sized players, including Seprotec Multilingual Solutions, provide a balance between scalability and personalized service, often differentiating themselves through industry specialization or strong regional presence. APAC holds the most significant share of the global language services market, accounting for over 45% in 2024. In APAC, rapid economic growth, increased cross-border trade, and digital expansion have created immense opportunities for translation and localization, particularly in China, Japan, India, and South Korea. China's stringent regulatory landscape requires specialized linguistic services, while India's booming IT and media industries fuel localization needs. Furthermore, in North America, particularly the U.S. and Canada, the language services market is driven by a high demand for translation, localization, and interpretation services due to the region's multicultural population and globalized business environment. Europe follows closely, remaining one of the most mature language service markets. Countries like Germany, France, the UK, and Spain play a significant role, with the European Union's multilingual policies and regulatory requirements fueling demand for high-quality translations across legal, financial, and public sectors. While Western Europe is home to well-established Language Service Providers, Eastern European nations such as Poland have become key outsourcing hubs, offering cost-effective solutions and access to a strong talent pool. Meanwhile, Latin America is experiencing steady growth due to expanding e-commerce, media content consumption, and trade agreements with global partners. Brazil and Mexico are key players in the region's language service market, with a growing demand for Spanish and Portuguese translations, particularly in legal, financial, and entertainment industries. The Middle East and Africa region presents unique challenges and opportunities, with Arabic being a dominant language in business, government, and media, while Africa's linguistic diversity drives demand for translation in sectors like education, health, and NGOs. The UAE and Saudi Arabia are hotspots for legal and business translations due to international investments and tourism, while South Africa serves as a strategic hub for African language services. MARKET TRENDS & OPPORTUNITIES Rise of AI and Machine Translation AI translation technology has been a game-changer in the language services market for years, with advancements making a significant impact on translation quality, speed, and cost-effectiveness. This revolution continues to reshape the industry due to the power of Neural Machine Translation (NMT), which enhances translation accuracy and fluency. By combining the efficiency of AI with the contextual understanding of human experts, translation services now offer a balance of speed, precision, and reliability. Language service providers are collaborating with AI developers to create AI-powered localization and automation tools. This improves speed and reduces costs while maintaining quality. For instance, in October 2024, RWS expanded its collaboration with AWS through a multi-year Strategic Collaboration Agreement to develop generative AI-powered language and content solutions. This partnership aims to enhance efficiency in content creation, translation, and delivery. RWS is already working with AWS on 25 new product features and proofs of concept. By providing innovative solutions, these companies can improve client retention and satisfaction. Rising Use of Social Media & Online Content Social media localization tailors content to fit the cultural, linguistic, and regional preferences of target audiences. It goes beyond translation, focusing on cultural nuances, local trends, and audience behaviors. This approach can boost brand engagement, with 72% of engagement occurring on localized web pages. Localizing content helps make messages more relatable, increasing effectiveness and driving action. In addition, nearly 50% of millennials prefer influencer recommendations over traditional ads. Translating social media content leverages this influence and helps create a culturally relevant experience, fostering stronger, lasting connections with a global audience. As of October 2024, there were 5.22 billion social media users, making up 63.8% of the global population. With the emergence of social media platforms such as Facebook, Twitter, Instagram, LinkedIn, and TikTok, businesses and content creators can connect with audiences in different parts of the world. These platforms facilitate the creation and distribution of content on an unprecedented scale, thus generating demand for language services to ensure this content reaches its global audience and supports the language services market growth. INDUSTRY RESTRAINTS Shortage of Skilled Linguists The shortage of skilled linguists is a growing issue that has profound implications for industries ranging from government services to private companies, academia, and the broader global communication landscape. The demand for qualified linguists has surged in recent years, driven by globalization, technological advancements, and the increasing need for cross-cultural communication. This shortage is particularly pronounced in fields that require specific linguistic expertise, such as translation for legal, medical, and diplomatic contexts, as well as in emerging fields like machine learning and AI language development. In 2024, in India, the National Institute for Career Service (NICS) published a report, as per an international report, there would be a requirement of more than 1.6 million foreign language experts in the coming two decades. As businesses, governments, and individuals become more interconnected internationally, India could experience a heightened need for translation, interpretation, and linguistic consulting services across various languages. This would drive growth in the language services market as companies and organizations seek to bridge communication gaps, particularly in emerging markets. Recent Developments in the Global Language Services Market Key Attributes: Premium Insights Market Overview Market Opportunities & Trends Market Growth Enablers Market Restraints Key Company Profiles Other Prominent Vendors For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. View source version on CONTACT: Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 KEYWORD: INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES SOURCE: Research and Markets Copyright Business Wire 2025. PUB: 05/19/2025 08:17 AM/DISC: 05/19/2025 08:16 AM
