In what must be one of this week’s most shocking developments, Prague-based Memsource, which was acquired by the Carlyle Group in July of 2020 has received a fresh €15 million in funding from none other than, you guessed it, the Carlyle Group.
The new influx of capital will be used to further propel ongoing recruitment campaigns, product development efforts, and global expansion initiatives.
In combination with the investment, Washington, D.C.-based Group has appointed former Unibable executive Edmund Ovington as General Manager, North America, where he’s expected to champion a growing team and build upon Memsource’s strong momentum in the region.
“At a time of economic uncertainty, when others are downsizing, we will continue to invest in our product and people, with today’s announcement that Edmund is joining us, and more exciting news to come this year,” commented newly minted (as in one month at the helm) Memsource CEO Georg Ell. “These funds will be used to supercharge innovation, and expand our footprint on a global level as we recruit world-class talent to help us deliver strong product and customer service experiences.”
Memsource supports customers including Uber, Supercell, Vistaprint, and Zendesk in leveraging the power of 500+ languages, 50+ file types, and 30+ machine translation engines, thus enabling increased and improved translation quality while reducing costs using AI-driven technology.