How to Pass the Lionbridge Test
Lionbridge is selling its artificial intelligence (AI) division to TELUS International
WALTHAM, MA, March 23 / PRNewswire / -Lionbridge intends to re-focus on investing in innovative technology solutions for the language market
Lionbridge, a global leader in translation and localization solutions, today confirmed the completion of the previously announced sale of its artificial intelligence (AI) division, Lionbridge AI, to TELUS International (NYSE and TSX: TIXT), a digital customer experience innovator, who designs, manufactures and delivers state-of-the-art solutions for global and disruptive brands. TELUS International is a subsidiary of Canada-based TELUS Corporation (T-TSX; NYSE-TU), a leading communications and information technology company. The transaction closed on December 31, 2020.
As the two companies merge, Lionbridge AI will complement TELUS International's growing portfolio of next-generation digital solutions to support the fast-moving field of artificial intelligence. The sale of Lionbridge AI will further strengthen Lionbridge's commitment to delivering innovation to its customers in language solutions across industries such as technology, life sciences, games and digital commerce.
"The combination of Lionbridge's AI business and TELUS International's advanced digital platforms is creating a whole new company with a unique range of innovative solutions. In addition to improving TELUS International's go-to-market strategy, we felt this merger was a very good one is a cultural addition to our talented global team as both companies work together for employee engagement and wellbeing, "said John Fennelly, Lionbridge CEO. "I have no doubt that our AI team and its growing community will continue to thrive as part of TELUS International."
"In 2021, Lionbridge will be celebrating its 25th anniversary, and there is no better time for us to return to our roots and remain a leading provider of voice solutions and deepen our relationships with our customers," said Fennelly. "I am excited about the opportunities this opens up and looking forward to opening this new chapter and accelerating our focus on innovation, technology and the time to market for new products and services."
Morgan Stanley & Co. LLC acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Lionbridge in connection with the transaction.
Lionbridge works with brands to break down barriers and build bridges around the world. For 25 years we have been helping companies connect with their customers and employees worldwide by offering translation and localization solutions in more than 350 languages. Through our world-class platform, we organize a network of passionate experts around the world who work with brands to create culturally rich experiences. Based on our love of language, we tirelessly use the best human and machine intelligence to create an understanding that resonates with our customers' customers. Lionbridge is based in Waltham, Massachusetts and has solution centers in 26 countries. Learn more at www.lionbridge.com.
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