Source: Yahoo Finance
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  • Straker Translations (STG) has been appointed as the Strategic Translation Service Provider to leading computer hardware manufacturer IBM
  • The new agreement will last for two years, with the option for an additional two-year extension, and begin in early 2021
  • Under the deal, Straker will support IBM’s Cloud Services, Adaptive Translations Services and Global Media Localisation
  • It also extends STG’s current arrangement with IBM from covering one language to 55 languages in total
  • Straker hasn’t put a potential revenue amount on the new deal, but did reveal it plans to hire additional staff to cover the extra work
  • STG’s shares have soared since the announcement, ending the day up 75.8 per cent, worth $1.59 each

Straker Translations (STG) has been appointed as the Strategic Translation Service Provider to leading computer hardware manufacturer IBM.

This new agreement is a pleasing development for the translation company, as it extends its existing relationship with IBM to cover more languages.

Specifically, Straker will now cover 55 languages in total instead of just Spanish.

Additionally, the company will support IBM’s Cloud Services, Adaptive Translations Services and Global Media Localisation service.

This new agreement will last for two years, with the option for an additional two-year extension, and begin in January 2021.

Straker Translations’ CEO and Co-Founder Grant Straker said this potential four-year agreement was an exciting development.

“We are thrilled to have secured this strategic agreement with IBM, and further build our existing relationship with a world leader in data management, software, artificial intelligence and cognitive computing,” he said.

“The agreement requires extensive integration with IBM and the opportunity to build a deep partnership with the world’s leading AI company is hugely exciting,” Grant added.

“We expect it will open up new opportunities for us to partner on innovation within our industry,” he concluded.

Straker hasn’t put a potential revenue amount on the new deal but said it “expects revenue from the agreement to impact Q4FY21 financial results.”

The company also anticipates it’ll need a 30 per cent increase in its headcount to support future services.

Shares in Straker Translations have soared since the announcement, up 75.8 per cent at market close, with shares trading for $1.59 each.

STG by the numbers
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