Necessity is the mother of invention and this is what led Lion Libman to come up with his own online translation service known as One Hour Translation. This service is the largest translation service in the world with it having 15,000 translators in 120 countries translating between more than 2,500 language pairs. Libman said that this translation service is very fast and that the business name is not just a marketing gimmick as this service can do translations 24 hours a day, seven day a week and translations of up to 200 words in an hour or less.
Libman said, Fortissimo Capital a top Israeli venture capital fund had given the company a support of $10 million investment, which was to be utilized in the expansion of the company’s products and services. He added that in exchange for the investment, OHT gave Fortissimo a third of the company. In the world today, there is increased globalisation, which has made the translation market to be huge due to businesses trying to grab any market that they can find.
Mission Essential Personnel was the largest translation firm in the globe in 2012 doing all the translations for the U.S military. It had revenues of more than $700 million. On the other hand, OHT did not give the sales figure or revenue that they make. Common Sense Advisory, the marketing research firm stated that the world market for translations is growing at a 12.17% yearly and in 2012, it was $33.523 billion.
Libman, OHT’S Operating Officer also said that due to the translation business being a good one, it has enabled OHT to find a way to become a crucial player in the online translation market. Clients can request a quote, which is delivered in a few minutes, then they upload their copy and get it back when it is done.
In addition, OHT will find the best translator for the work while putting in mind the ability of the translator to give back the copy on time and the language pair. Even though many of the translators hired by OHT are freelancers, Libman stressed that he is not operating a market and that it is not hard for a person to know the translator that can satisfy their needs.