Bullish executives of the renamed Systran International vowed to become the world leader following the deal brokered by STIC Investments, Korea Investment Partners, Korea Investment & Securities, and SoftBank Ventures.
Founded in 1992, CSLi has focused on developing automatic translation solutions in multiple languages. Clients include Samsung Electronics, Naver, NTT Docomo, Daiso and other well-known Korean and overseas companies. Most recently, its software was used as S Translator in Samsung’s Galaxy S4.
Paris-based Systran was formed in 1968 and provides translation services in 89 languages, comfortably beating Google's 60 and Microsoft's 20. It supplies its solution to the United States Department of Defense as well as a number of European Union government agencies.
The two companies collaborated closely prior to the acquisition. In January last year the two announced plans to jointly develop technologies and combine their respective strengths in different languages.
According to WinterGreen Research, the worldwide market for machine translation will be worth $6.9 billion by 2019 up from $1.6 billion in 2012.
Systran International estimates 2018 revenues around 230 billion won ($224 million), more than double the estimated revenue for this year of 92.9 billion won ($90 million).
Company officials said it will tap into new markets and partner with various Korean government projects.
CEO Park Ki-hyeon said: "Systran is the world leader in the global automatic translation market and can stop consumers’ dependency on Google and other IT giants. We will create new, high-value services and create synergy with various industries."
Source: ZDNet Korea (zdnet.co.kr)