TechDogs-"CIBC Innovation Banking Provides 12m Financing Package To Language Technology Business Phrase"

Financial Technology

CIBC Innovation Banking Provides 12m Financing Package To Language Technology Business Phrase

By Business Wire

Business Wire
Overall Rating

LONDON--(BUSINESS WIRE)--CIBC Innovation Banking announced today that it has provided €12m in debt financing to Phrase, a global cloud-based localisation software provider, headquartered in Prague, that helps brands localise and translate content more efficiently and manage the end-to-end process at scale. Phrase will use the funds to further develop the next generation of AI-driven language technology.

Launched in 2010 to provide translation and localisation technology to global businesses, Phrase has developed a unique platform that enables companies to connect, manage and automate every task involved in translating and localising content or software across an organisation in a centralised hub.

The system provides workflows and automation to manage projects with language service vendors, internal linguistic resources and harnesses the latest in machine translation depending on the sensitivity of the work. Backed by the Carlyle Group, Phrase’s market leading software provides a platform to coordinate and track the progress of any localisation or translation activity across the business from start to finish, providing quality assessments and analytics along the way.

Phrase has more than 300 employees and over 4,500 customers across Europe, Asia-Pacific, and North America, which is a major growth market for the company.

Georg Ell, Phrase CEO, said: “CIBC Innovation Banking’s financing will help us take our localization technology to the next level as the latest innovations in AI and machine learning continue to take off. Our business has seen tremendous growth as we’ve delivered on supporting our global clients at scale via the ease of use and connectivity our platform provides, and this investment will allow us to capitalise on the high-growth AI market.”

Sean Duffy, Managing Director of CIBC Innovation Banking’s European office, said: “We are delighted to be supporting Phrase as their software platform continues to evolve. They saw a clear need from global businesses for localisation services and have capitalised by creating a platform that makes the entire process easier and more seamless. The CIBC Innovation Banking team is looking forward to supporting Phrase on their next stage of growth.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

About Phrase

Phrase is a global leader in cloud-based localization solutions that enables organizations of all sizes to open the door to global business through advanced automation and a broad variety of integrations. The Phrase Localization Suite is equipped with the leading translation management system, a specialized platform for software and digital products, and it supports 500+ languages, 50+ file types, 30+ machine translation engines, and 50+ integrations. The enterprise-grade suite enables users to drive growth with a connected ecosystem of tools. Organizations like Uber, Shopify, Volkswagen, and thousands of others trust in Phrase and accelerate their global growth by giving people the content they need, in the language they speak. For further information visit www.phrase.com.

Connect with Phrase: LinkedIn

Contacts

Katarina Milicevic, katarina.milicevic@cibc.com, 416-784-6108

First published on Wed, Jul 19, 2023

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