Israel's Fortissimo takes one-third stake in One Hour Translation for $10M
Israeli private equity firm Fortissimo Capital has purchased one-third of One Hour Translation, a firm that provides online professional document translation services. The deal is valued at $10 million, according to Reuters.
On Sunday, One Hour Translation said it plans to use the new investment to double its workforce. The company also said it will hire salespeople, customer service and support staff, and developers. The firm presently employs 50 workers all over the world, the report detailed.
One Hour Translation chief executive Ofer Shoshan said: "We've grown organically until now, without investments, to become within two years the largest online translation service. Fortissimo's investment will allow us to grow much more rapidly and become the largest professional translation service in the world."
The Israel-based firm has over 15,000 translators in 100 nations. One Hour Translation already provides services for half of the Fortune 500 companies, the report stated.
In August, the firm said it expected to double its sales every year as more companies turn to its service, Reuters reported.