Lionbridge Completes Sale of Artificial Intelligence (AI) Division to TELUS International

Rhea-AI Summary

Lionbridge has successfully closed the sale of its AI division to TELUS International as of December 31, 2020. This divestment aligns with Lionbridge's strategy to concentrate on core language services across diverse sectors including technology and life sciences. CEO John Fennelly highlighted the cultural fit between the companies and expressed optimism for Lionbridge’s renewed focus on innovation for their customers. The transaction was facilitated by Morgan Stanley & Co. LLC and Kirkland & Ellis LLP, marking a significant transition for Lionbridge as it celebrates its 25th anniversary.

Positive

• Completion of sale allows Lionbridge to refocus on core language services.
• Strengthened relationship with TELUS International enhances business offerings.
• Renewed commitment to innovation in technology and service delivery.

Negative

• None.

Lionbridge to sharpen focus and accelerate investments in innovative technology solutions for core language market

WALTHAM, Mass., March 2, 2021 /PRNewswire/ -- Lionbridge, a global leader in translation and localization solutions, today confirmed the close of the previously announced sale of its artificial intelligence (AI) division, Lionbridge AI, to TELUS International (NYSE and TSX: TIXT), a digital customer experience innovator that designs, builds and delivers next-generation solutions for global and disruptive brands. TELUS International is a subsidiary of Canada-based TELUS Corporation (T-TSX; NYSE-TU), a leading communications and information technology company. The transaction closed on December 31, 2020.

Lionbridge AI will complement TELUS International's expanding portfolio of next-generation digital solutions as the organizations team up to support the rapidly advancing field of artificial intelligence. The sale of Lionbridge AI will further Lionbridge's commitment to delivering innovation for its core language customers across technology, life sciences, games, digital commerce and more.

"Combining Lionbridge's AI business with TELUS International's advanced set of digital platforms will create a newly formed company with a unique set of cutting-edge solutions. In addition to enhancing TELUS International's go-to-market strategy, we felt this merger was a very good cultural fit for our talented global team given our companies' shared commitment to employee engagement and well-being," said John Fennelly, CEO of Lionbridge. "I have no doubt that our AI team and their expanding community will continue to thrive as part of TELUS International."

"2021 will mark the 25th anniversary of Lionbridge and there is no better time for us to return to our roots, lead the way in transforming the language space and continue to deepen our relationships with our customers," continued Fennelly. "I'm excited for the possibilities in store as we enter this next chapter and accelerate our focus on innovation, technology and bringing new products and services to market."

Morgan Stanley & Co. LLC acted as financial advisor and Kirkland & Ellis LLP served as legal advisor to Lionbridge in connection with the transaction.

About Lionbridge
Lionbridge partners with brands to break barriers and build bridges all over the world. For 25 years, we have helped companies connect with their global customers and employees by delivering translation and localization solutions in 350+ languages. Through our world-class platform, we orchestrate a network of passionate experts across the globe who partner with brands to create culturally rich experiences. Relentless in our love of linguistics, we use the best of human and machine intelligence to forge understanding that resonates with our customers' customers. Based in Waltham, Massachusetts, Lionbridge maintains solution centers in 26 countries. Learn more at www.lionbridge.com.

Media Contact
Stephanie Carone
Lionbridge
mediainquiries@lionbridge.com
+1-781-434-6000

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SOURCE Lionbridge

FAQ

What was the date of Lionbridge's AI division sale to TELUS International?

The sale of Lionbridge's AI division to TELUS International was completed on December 31, 2020.

How does the sale impact Lionbridge's business strategy?

The sale allows Lionbridge to sharpen its focus on core language services and enhance innovation in its offerings.

Who acted as financial advisor for Lionbridge in the sale?

Morgan Stanley & Co. LLC acted as the financial advisor to Lionbridge for the transaction.

What will be the focus of Lionbridge after the sale?

Lionbridge will concentrate on delivering innovative technology solutions for its core language market.