Over a two-year period, award-winning global translations agency TranslateMedia has seen sales rise by 400 per cent, with support from UK Trade & Investment (UKTI). The value of sales rose from £500,000 in 2008 to £2.5m in 2010, while staff numbers doubled and the firm opened offices in New York, Munich, Hong Kong and Brussels.
TranslateMedia has developed a unique portal that connects its clients to translators around the clock and now employs more than 5,000 specialist translators covering 85 languages. UKTI London has worked with the company to provide strategic advice and support, as well as helping them to establish business relationships across the globe.
Patrick Eve, company CEO, explains that the West-London-based agency had global ambitions from the outset. “We’d always planned to export. It was part of the business model. We wanted to be able to provide our language and translation services to larger clients with a presence in local markets. Exporting allows us to meet client needs locally and internationally. Our clients are international so we have to be, too.”
In 2008, Patrick approached UKTI for assistance in developing the company’s overseas business. UKTI London International Trade Adviser Elaine Cameron recommended that TranslateMedia join the Passport to Export programme of advice and support for inexperienced exporters. Subsequently, armed with the knowledge an experience they had gained, the firm graduated to the Gateway to Global Growth scheme for more seasoned exporters. Since completing these programmes Patrick and his business have seen enormous benefits.
"We would like to recognise the enormous support that we have received from UKTI in both London and New York over the last three years in helping us to achieve this growth. Our participation in the Passport and Gateway programmes played an important role in securing some key clients in both the private and public sector in the USA – which now represents our fastest-growing market.” added Rupert Evans, Managing Director.
TranslateMedia commissioned a number of Overseas Market Introduction Service (OMIS) reports from UKTI staff in target markets. These identified potential clients helped fast track TranslateMedia into the global market. Patrick comments, “We also accessed the Export Marketing Research Service (EMRS) on the back of success with OMIS reports from Vienna and New York, where we met clients, researched opportunities and considered logistical arrangements for the business.
“We found we had funds available to delve deeper into the market opportunities and carry out a thorough competitive study on Singapore. From this intelligence, were able to make the judgement to focus on the Hong Kong market instead, where there were more opportunities for us. We subsequently opened an office in 2009. This employs two people and has been profitable for the last nine months.”
Thanks to UKTI support, TranslateMedia has secured long-term agreements with UNDP, UNICEF, The International Trade Centre in Geneva and the UNHCR. The company is now an accredited supplier to more than 10 UN-related organisations, and has been able to use leverage this to great effect amongst private sector companies in the legal and financial services sector.
Patrick has plans for further expansion. “We are keen to consolidate our position in existing markets, as well as exploring different sectors in New York, and possibly expanding into Europe by commissioning OMIS for Germany and the Netherlands. We’re keen to use UKTI for highly sector-specific research.”
The most recent success for the company is their confirmed ranking of 4th place in the UK Deloitte Technology Fast 50 for 2010. This index recognises the fastest-growing technology companies in the UK, based on growth in revenue over five years
Notes to Editors
- For further information on TranslateMedia, go towww.translatemedia.com/public/home.aspx
- UK Trade & Investment (UKTI) is the Government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage.
- For more information on UKTI, visit www.ukti.gov.uk or telephone +44 (0)20 7215 8000. For latest press releases, visit the online newsroom at www.ukti.gov.uk/media You can also keep in touch with developments at UKTI through www.blog.ukti.gov.ukwww.twitter.com/uktiand www.flickr.com/photos/tags/ukti
- UKTI’s London regional team is dedicated to increasing the competitiveness of SMEs in the capital through international sales development. A team of International Trade Advisers, part-financed by the European Union, delivers tailored help to businesses who are either exporting for the first time or looking to enter new markets. The team can be reached at: 020 7234 3000; email@example.com
Project part-financed by the European Union
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