Press ReleaseeTranslate to Capitalize on Booming Global e-Commerce Marketplace with $43 Million Second-Round Investment - Largest in Web Globalization Industry
GE Equity Leads Round That Includes Goldman Sachs, Bain Capital, and Walden International Investment Group
San Francisco, CA -- April 12, 2000 -- eTranslate, a leading provider of Web globalization solutions on the Internet, has completed a record-setting, second round of institutional financing, positioning it to take full advantage of the exploding global e-commerce market.
The $43 million raised is the largest private or public round ever in the Web globalization industry.
According to Forrester Research, the global B2B e-commerce market alone is expected to be $1.5 trillion by 2003, and Internet usage is growing fastest outside the U.S.
"To unlock the power of the global economy and create a true global e-marketplace, companies need to customize and localize for every country they want to operate in," said Charlie Baxter, Chief Executive Officer of eTranslate. "The number one mistake most companies make is to treat global expansion as a franchise operation - taking what worked in one country and using the same model for the next with little adjustment for local markets, culture, customs or language. eTranslate is about helping companies make that transition."
Investors in this current round, led by GE Equity, include The Goldman Sachs Group, Inc, Bain Capital, and Walden International Investment Group. First-round funders New Enterprise Associates, Alloy Ventures, and Botts & Company also invested in the second round.
"As the international e-commerce market explodes, businesses must partner with companies like eTranslate to win," said John Flannery, Managing Director of GE Equity. "We look forward to working with eTranslate to develop programs for a number of GE businesses."
"Of all the companies we have looked at, none are better positioned than eTranslate to take advantage of this exploding market," said Lip-Bu Tan, Chairman of Walden International Investment Group. "eTranslate is the industry leader with their depth of knowledge and ability to rapidly implement scalable solutions."
eTranslate is raising the standards of the Web globalization industry by offering a complete solution which includes globalization technology consulting services. By working seamlessly with companies to translate their business model into global markets, eTranslate GlobalWebTM Solutions provide a digital multilingual medium that encompasses Web sites, extranets, intranets, and wireless applications. eTranslate also provides dynamic multilingual site operations and maintenance.
"We believe it is important for companies to invest in internationalization to participate in the globalization of e-commerce," said Randy Blumenthal, Managing Director of Goldman Sachs. "The globalization solutions that eTranslate provides are essential for companies looking to expand their businesses into new markets worldwide."
About eTranslate eTranslate provides Web globalization solutions that enable companies to expand their business reach worldwide. eTranslate GlobalWebTM solutions provide customized Web services including globalization consulting, technical integration, software engineering, professional language translation, and dynamic content management. eTranslate GlobalWeb is supported by one of the largest proprietary networks of language professionals in the world. For more information about eTranslate, please visit http://www.eTranslate.com. eTranslate, Inc. is headquartered in San Francisco and has offices in Berlin, New York, Paris, Santiago, and Tokyo.
About GE Equity GE Equity, a subsidiary of GE Capital, is the private equity arm of GE. GE Capital, with assets of over US$345 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly owned subsidiary of General Electric Company, GE Capital, based in Stamford, Conn., USA, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide.
About Walden International Investment Group Established in 1987, WIIG is an international venture capital firm with over US$1 billion in funds under management. WIIG's international network of investment professionals are located in the United States, Taiwan, Singapore, Hong Kong, Malaysia, the People's Republic of China, the Philippines, Indonesia, India, Australia, and Thailand.
About Goldman Sachs Goldman Sachs is a leading global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
About Bain Capital Bain Capital, Inc. is one of the nation's leading private investment firms. The firm manages several pools of capital including private equity, high-yield assets, mezzanine capital and public equity with over $6 billion in assets under management. Across all asset classes, Bain Capital takes a strategic approach to investing, leveraging industry knowledge to evaluate investment opportunities.
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