Fortissimo takes one-third stake in One Hour Translation

JERUSALEM Sun Jan 5, 2014 12:08pm EST

JERUSALEM Jan 5 (Reuters) - Israeli private equity group Fortissimo Capital has acquired one-third of One Hour Translation, a provider of online professional translation of documents, for an investment of $10 million.

One Hour Translation said on Sunday it plans to use the proceeds to double its staff and hire developers, salespeople, and customer service and support people. It currently has 50 employees globally.

"We've grown organically until now, without investments, to become within two years the largest online translation service," said Ofer Shoshan, chief executive of One Hour Translation. "Fortissimo's investment will allow us to grow much more rapidly and become the largest professional translation service in the world."

The Israel-based company, which has more than 15,000 translators in 100 countries, already serves half the Fortune 500 companies.

In August, it said it expected to double its sales annually as businesses increasingly turn to its service. (Reporting by Steven Scheer)

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