Telus Corp agrees to pay £700m for Lionbridge AI
Telecoms giant Telus Corporation has announced it will acquire Lionbridge AI for C$1.2bn, or £700m. The company will acquire Lionbridge AI via its global arm, Telus International.
Darren Entwistle, Telus Corp’s CEO, said on Friday: “Today’s announcement advances TELUS’ commitment to harness the power of technology to provide outstanding customer experiences on a global basis, while accelerating the digital transformation and strategic growth journey of
TELUS International.”
Lionbridge AI, a subsidiary of Lionbridge Technologies, has demonstrated strong financial growth, with a year to date revenue of C$230m in September. This figure was a 30 per cent increase on last year.
The company, which is based in Massachusetts, USA, provides businesses with AI training data and data annotation services, which are used to power machine learning. It has worked with many high profile clients, including online travel company Expedia.
“We share a like-minded commitment to innovating for our clients and a focus on our people whom we consider to be unique experts in our industry and a sustainable source of competitive advantage,” said Ed Jay, President of Lionbridge AI, on Friday.
Telus International has reported strong growth in its latest financial reports, also published on Friday. The company announced a six per cent growth in year-to-date revenue by September of this year. In December last year, Telus International hinted at a future IPO “within the next 12-24 months”.