San Diego CA— SYSTRAN, the leader in AI-based translation technology announces that the majority of its shares have been purchased by a consortium of Korean institutional investors: STIC Investments, SoftBank Korea, Korea Investment Partners and Korea Investment Securities.
STIC Investments Inc., now the majority shareholder with 51% of SYSTRAN shares, is one of the largest and most experienced private equity firms in Korea. STIC seeks to create growth and prosperity in economies across Asia through investing in companies that engage in promising businesses, with an investment portfolio of over 70 companies and $4.5B assets under management. Throughout its 20 years of operations, STIC has been investing in various sectors including Information and Communication Technologies.
According to Jean Senellart, SYSTRAN group CEO: “This acquisition is exciting and will give us more resources to increase our innovation, delivery speed and geographical footprint, enabling us to further expand through our new Cloud Marketplace offering as well as provide secure, on-premises or cloud-based customized translation products for all industries and organizations of all sizes”.
SYSTRAN is the largest pure player in the artificial intelligence-based translation software industry. SYSTRAN customers range from government agencies to public organizations and corporations, and the company operates worldwide with offices in Europe, the Americas and Asia. SYSTRAN has also been involved in open source development since 2016 with OpenNMT, a framework used by thousands of researchers and industrial users.
Daniel Kyung Hyung Lee, Head of Investment division I at STIC commented: “SYSTRAN is a leading AI company that we have been following for many years. Together with other investors, we believe that SYSTRAN can continue leading the language industry, and we are excited to support this new stage of SYSTRAN’s long history. The ability to communicate with others in their own language is a key milestone for any international business and we see SYSTRAN at the forefront of this capability.”
For more information, visit www.systrangroup.com.