US-based Propio Language Services (Propio) acquired United Language Group (ULG) in September 2024, Propio CEO, Marco Assis, confirmed to Slator.

Propio is listed in the Slator 2024 Language Services Provider Index (LSPI) in the Leader category with interpreting as its core service and 2023 revenues of USD 125m.

The company has also ranked a few times in the Inc. 5000 list of fastest-growing companies. In the 2024 edition, the firm took the 603rd spot overall with 751% growth over three years, and the second place among the language companies that made the list.

Backed by Triple Tree Capital Partners, the company completed multiple acquisitions in fourteen months between 2021 and 2022, including Arch, Intelligere, Vocalink, and Telelanguage, as well as tech company LSP Ware.

Since 2023, Propio also counts US private equity firm Leonard Green & Partners as an investor.

United Language Group, also in the Leader category in Slator’s LSPI, was started in 2016 with the goal of a roll-up, buy-and-build strategy backed by private equity.

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The company began operations as ULG after the acquisitions of veteran LSPs KJ International Resources (KJI) and Merrill Brink International. Shortly thereafter, ULG made several additional acquisitions, including LSP Language Select in 2016 and machine translation (MT) provider Lucy Software in 2017.

ULG further developed proprietary language technology, collectively named the Octave™ translation management technology suite.

“I thought a combination made a lot of sense for quite some time, particularly given ULG’s translation offering, proprietary AI-based capabilities, and growing interpretation business. We just had to wait until the timing was right for everyone.” — Marco Assis, CEO, Propio Language Services

About how the ULG purchase came about, Propio’s Assis told Slator that the two companies had had a commercial relationship for many years. Beginning in 2023, Assis also developed a relationship with ULG CEO, Nic McMahon, and his team.

“I thought a combination made a lot of sense for quite some time, particularly given ULG’s translation offering, proprietary AI-based capabilities, and growing interpretation business. We just had to wait until the timing was right for everyone,” remarked the CEO.

The entire leadership team at ULG and the company name remained in place as the transaction closed, explained Assis, adding that “[The ULG leadership team] deserve a lot of credit for the job they’ve done in turning ULG around over the last couple of years … the business is well positioned to succeed moving forward.”

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Assis also shared with Slator that Propio has developed relationships with other companies in the language industry, and that “on the M&A front, we’ll continue to evaluate prospective targets, but we remain focused on organic growth — investing in technology and people — to deliver industry leading services to our clients.” 

About the future of the interpreting industry, Assis’s view is that legacy providers “are struggling to defend their position, with significant changes to their leadership teams and pressured shareholders.” On the other hand, Assis’s view of the (text-based) translation business is that “the market seems more saturated.”

Given ULG’s large document translation business, the CEO believes that it completely transforms Propio. “I think people would be surprised with the progress we’ve made over the last 18 months with that business — both through organic and inorganic investments… We are excited to leverage ULG’s proprietary technology and AI-based solutions,” he added.

The combined organization has approximately 1,000 employees in several countries. Assis commented that, even before the ULG acquisition, Propio had become the second largest interpretation business in the world, and that the company is expecting the largest growth in its history in 2024.