Zurich-based firm Zurmont Madison Private Equity has taken a majority stake in CLS Communication, a Swiss language services provider, for an undisclosed sum.
A partial buyout with an increase in the company’s equity, the money raised will be used to fund acquisitions and global expansion. The management of CLS now holds a significant minority interest.
A 12-year old company, CLS is a spin-off from the languages departments of UBS, or Swiss Bank Corporation as it was known then. The business provides language and technology services for businesses working in finance, insurance, telecommunications, life sciences and legal. Services include copywriting, editing and human and machine translation.
CLS posted sales of around CHF60m (€40m), and has 350 employees and an extra 1,600 external specialists. Zurmont’s investment will be used to help the company exploit the highly fragmented language services market.