Thursday, July 15, 2010
Language Weaver Acquired For $42.5M
Los Angeles-based Language Weaver, the University of Southern California spinout which provides statistical machine translation software, has been acquired by UK-based SDL. According to SDL, it has signed an agreement to acquire Language Weaver for $42.5M in cash, in a deal which is expected to complete by July 28th. SDL said that Language Weaver had annual revenues of $12.2M for the calendar year ending 2009, and a loss of $1.0M. Language Weaver was spun out of University of Southern California's Information Sciences Institute (ISI) and venture funded by Athenaeum Fund, In-Q-Tel, Palisades Ventures, Sulphur Creek Ventures, and the Tech Coast Angels. SDL said that as part of the acquisition, Language Weaver founders Daniel Marcu and Kevin Knight, as well as CEO Mark Tapling, will all join the firm as part of the acquisition. SDL is based in Maidenhead, UK.