NEW YORK, April 20, 2020 /PRNewswire/ -- TransPerfect, the world's largest provider of language and technology solutions for global business, today announced that it has set a new company record for Q1 billed revenue. The $190 million sum is approximately $24 million or a 14.0% increase over 2019 billings of $166 million for the same period. TransPerfect has posted more than 100 consecutive quarters of growth since the company was founded in 1992.
TransPerfect President and CEO Phil Shawe said, "Prior to much of global business shutting down as a result of the pandemic, we had enjoyed our best-ever start to the year. However, as we all know, the world has changed. We now expect a softening in overall demand for Q2, followed by a gradual return to normalcy for the remainder of 2020."
Despite the record-setting quarterly total in Q1, like the rest of the industry, the company does expect to encounter significant headwinds in Q2, which may place its streak of more than 25 years of consecutive quarterly growth in jeopardy. In anticipation of slower growth, TransPerfect is working hard to avoid implementing layoffs or other measures that economic downturns often require and remains hopeful these can be avoided or minimized. The company is closely monitoring sales figures, internal projections, and the overall business climate—and will consider further options if they should become necessary to ensure the long-term health of the business.
Shawe continued, "I've never been more proud of our TransPerfect family. They have showed resolve, teamwork, and the ability to refocus our internal resources to the areas in which clients need us most. Thankfully, our business model accommodates working remotely, and we have remained fully operational throughout the crisis."
Amid the crisis, TransPerfect has continued to give back to the communities it serves through the donation of resources and services to governments and organizations. The company has been donating translation services related to COVID-19 announcements to New York City, one of the world's hardest hit areas, as well as recently established a free virtual notary service for all businesses in New York State in order to reduce the necessity of face-to-face interactions. Additionally, TransPerfect has produced a COVID-19 workplace safety video in 11 languages, which can be customized and is available globally at no charge to any organization who wants to use it for the benefit of their employees.
TransPerfect is the world's largest provider of language and technology solutions for global business. From offices in over 100 cities on six continents, TransPerfect offers a full range of services in 170+ languages to clients worldwide. More than 5,000 global organizations employ TransPerfect's GlobalLink® Product Suite to simplify management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at www.transperfect.com.