MINNEAPOLIS, MN / FREDERICK, MD / BOSTON, MA — Riverside Partners, a Boston-based private equity firm, announced today that Norwest Equity Partners (“NEP”) has acquired its stake in Welocalize, Inc. Financial terms were not disclosed.
Founded in 1997 by industry veteran and CEO Smith Yewell, Welocalize offers innovative translation and localization solutions to help global brands grow and reach audiences around the world in more than 157 languages. Welocalize's solutions include global localization management, translation, supply chain management, people sourcing, language services and automation tools including MT, testing and staffing solutions and enterprise translation management technologies.
With an established portfolio of blue-chip clients around the world, Welocalize is a market leader within its industry and has developed strong vertical expertise in the technology, manufacturing, legal, consumer, oil and gas and financial services sectors. The market and need for localization services are large and have continued to grow in recent years due to many factors, including development of global commerce, emerging markets, the ever-expanding use of the Internet and online customer engagement.
The Welocalize family of companies also includes Park IP Translations. Park IP Translations provides translation, litigation and filing solutions for patent and legal professionals. Providing complete translation services in more than 60 countries, Park IP Translations is as a leader in patent prosecution and validation, litigation language services, patent translation and foreign filing, as well as general legal language services for all types of corporate and legal documents.
“Riverside Partners is very proud of our partnership with Welocalize. Together with management, we have expanded the Company's scope of services and enabled Welocalize to better serve its customers,” said Ian Blasco, a General Partner at Riverside Partners and former member of the Welocalize Board.
Yewell commented, “The team at Riverside Partners has been a highly valued partner to the Company and we are looking forward to the next chapter with Norwest Equity Partners.”
William Blair & Company served as exclusive financial advisor to Welocalize. Financing was provided by BMO Harris Bank, GE Capital, Ally Corporate Finance, Fifth Third Bank, and Norwest Mezzanine Partners.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages $1 billion of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.
About Welocalize
Welocalize, Inc., founded in 1997, offers innovative translation and localization solutions helping global brands to grow and reach audiences around the world in more than 157 languages. The Company's solutions include global localization management, translation, supply chain management, people sourcing, language services and automation tools including MT, testing and staffing solutions and enterprise translation management technologies. With more than 600 employees worldwide, Welocalize maintains offices in the United States, United Kingdom, Germany, Ireland, Italy, Japan and China. For more information, please visit www.welocalize.com.
Riverside Partners Contact:
Jon Lemelman
General Partner
617-351-2810
jlemelman@riversidepartners.com