Straker Translations (ASX:STG) - CEO, Grant Straker
CEO, Grant Straker
Source: STG
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  • Straker Translation (STG) extends its strategic translations services agreement with International Business Machines Corporation (IBM) by three years
  • The new agreement will ensure Straker will continue to accrue the “significant, multi-million-dollar revenue” from its existing contract with IBM
  • Over Straker’s 2022 financial year, IBM contributed NZ$14.8 million (A$13.6 million) in revenue out of a total NZ$55.9 million
  • Shares in Straker close 9.01 per cent higher at $1.27 per share

Straker Translation (STG) has extended its strategic translations services agreement with
International Business Machines Corporation (IBM) by three years.

The company said the new agreement would ensure it would continue to accrue the significant, multi-million-dollar revenue from its existing contract with IBM and allow for growth.

Under the terms of the new agreement, Straker will provide translations around the clock for any language combination that IBM might request and provide translation capabilities in the Media segment across any language.

Further, the contract will make use of, and further enhance, the direct links the duo has established between Straker’s proprietary artificial intelligence-powered RAY platform and IBM’s technology platforms.

“We believe our partnership with IBM demonstrates the value our technology-led translation solutions can deliver to global enterprises,” Straker Co-Founder and CEO Grant Straker said.

“The partnership has meanwhile been a significant driver of innovation for both companies. IBM has been a launch customer of a bespoke application that allows customers to order and monitor translations through the workplace super app Slack.”

IBM shared similar sentiments, pointing to Straker’s efficiency to streamline its number of suppliers and automate much of the language services process, resulting in significant productivity and efficiency gains.

Over Straker’s 2022 financial year, IBM contributed NZ$14.8 million (A$13.6 million) in revenue out of a total NZ$55.9 million.

Shares in Straker closed 9.01 per cent higher at $1.27 per share.

STG by the numbers
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