LocalEyes, a Cork-based translation and localisation specialist that was established to support Apple, has been acquired in a deal valued at more than €25 million.
The buyer is Star7, an Italian provider of product content creation and management solutions, which his listed on the stock exchange in Milan.
The Italian company is financing the deal in part through the issue of two bonds listed on ExtraMOT PRO3 - the Borsa Italiana segment dedicated to minibonds.
"We chose Star7 because of the close match between the history and the vision of our two businesses: we both have content localisation in our DNA, have seen extraordinary growth and view a tailor-made approach to business for premium customers as our mission," said LocalEyes chief execuitve Linda Spahija.
LocalEyes was founded in 1997 to provide content services for Apple, which employs about 6,000 people in Cork. The company now has 12 offices across Europe and one in San Francisco, employing a total of 150 people. Its other clients include Amazon, IBM, Unilever, Samsung, Philips, Siemens and Renault.
"Three significant reasons make today's acquisition of LocalEyes a key step forward in Star7 Group's strategic development: it greatly strengthens our presence in Europe and the United States, we now lead the strategic technology sector for Global Content services and we have gained a customer of the calibre of Apple. Alongside the other high-profile customers that Star7 has become a trusted partner to over the years, Apple will be a key asset," said Lorenzo Mondo, chairman and chief executive of Star7.
“We have been looking at LocalEyes very closely for some time. Our group’s incredible performance in recent years has helped secure the deal, overcoming competition from large groups in the sector. We are hopeful that today’s transaction and the significant synergies we have already identified will translate into results that give new impetus to our growth journey.”
