June 24, 2008 - Earlier Stage Alternative Fund (ESAF), a private equity fund managed by Renova Capital, and PROMT, a leading provider of machine translation solutions, reached agreement on ESAF acquisition of a controlling interest in PROMT. The first round of financing will be completed in late July 2008.
Earlier Stage Alternative Fund has been created specifically to invest in fast-growing high-tech companies that the fund believes have significant potential in global markets.
PROMT offers automatic translation solutions for eight European languages - English, German, Spanish, Portuguese, French, Italian, Russian and Lithuanian and provides a total of 25 translation directions. PROMT is a market leader in Germany and Russia, and has strong position in other European markets. PROMT has more than 50 distributors in Europe and North America. The company’s enterprise clients include Cisco, Xerox, Lucent Technologies, Siemens AG, NASA, DHL, SAP and others. PROMT’s global Internet services, including www.online-translator.com, process about 75 million online translation requests every month.
Dmitry Levonyan, Renova Capital Partner, said: “Our investment in PROMT is intended to create a world leader in automated translation software, both online and through traditional distribution channels. We are convinced that this strategy can be successfully completed thanks to the combination of PROMT’s unique experience in technology development and Renova Capital’s broad expertise in new market and business model development.”
“Having Renova Capital invest in PROMT is a sign of confidence in company prospects for growth,” reported Svetlana Sokolova, chairman of the board of directors at PROMT. ”PROMT sales grew by 80% this year compared with 2007 and our partnership with the Fund will lay a strong foundation for further growth. We will continue working on translation quality improvement and plan to use Renova Capital’s financial strength and experience to expand our share of the international markets, particularly in the USA, Latin America, France and Spain.”
About Renova Capital
Renova Capital is one of the biggest private equity companies in Russia. Renova Capital One, Russian Retail Growth Fund and Earlier Stage Alternative Fund have invested over $400 million in portfolio companies, including VSMPO, Corbina Telecom, MLP, Natur Produkt, Holiday Classic, SPSR Express, Relogix, SPAR Moscow, and others.
PROMT is a leading provider of automated translation software. Built on a foundation of innovative and proven technologies, PROMT develops award-winning machine translation systems, Translation Memory databases and electronic dictionaries.
In April 2007 PROMT released new product line of machine translation solutions. New @promt 8.0 is easily fine-tuned, translates better and supports Microsoft Vista and Office 2007.
The company offers automatic translation systems and dictionaries for eight European languages - English, German, Spanish, Portuguese, French, Italian, Russian and Lithuanian and provides a total of 25 translation directions for over 100 specialized domains. Today, the company offers translation solutions for web sites, corporate intranets, PCs and handheld devices under the trademark @promt and PROMT®. PROMT customers include Cisco, Xerox, Lucent Technologies, Siemens AG, NASA, DHL, SAP and others.
Free demonstrations of PROMT online translation solutions may be found at www.online-translator.com. Purchase and further information about the company is available at www.promt.com.