Propio Language Services (Propio), a technology-enabled interpretation, translation, and localization service provider, announced it has received a growth equity investment from TT Capital Partners (TTCP), a leading healthcare investor.
This is Propio’s first external funding and follows a period of strong business momentum, where the need for and adoption of remote solutions has increased. Propio’s highly scalable platform is well-positioned for its next stage of growth. The funding follows the recent acquisition of another growing player in the industry, Vocalink Global (Vocalink), in May 2021.
“We received interest from a large number of institutional investors, and I found alignment with TTCP in business values and excitement to support the next phase of growth,” said Marco Assis, Partner & CEO of Propio. “Our dedicated team has been transforming and elevating the customer experience for years, and the strategic alignment and investment from TTCP creates the next step change for our company.”
The growth equity investment will propel the innovation of Propio’s proprietary mobile app platform, Propio ONE. Propio ONE offers access to on-demand and scheduled interpretation services—to bridge the language gap between clients and limited English speakers. Accelerating the adoption of Propio’s unique platform is enabling more healthcare organizations to succeed in delivering on the patient experience.
“Language can be an unnecessary barrier across the healthcare system, and Propio’s interpretation and translation services help improve access to care while addressing a growing number of regulatory requirements,” said Adam Letson, Principal at TTCP. “We are excited to collaborate with Propio’s leadership team as they continue growing the company, building new technologies, and serving more individuals in an increasingly diverse U.S. population.”
With a continued focus on augmenting telehealth encounters with necessary remote language services, 70% of Propio’s business is in healthcare. Propio and Vocalink clients span other industries including government, education, insurance, legal, and manufacturing.
The investment also enables the expansion of the company’s strategic hiring efforts, allowing Propio to expand the reach of its solutions. Brian Singer joins the company as Chief Technology Officer. Singer started his career as an engineer and most recently led Cloud Security and Network Engineering with Amazon Web Services (AWS) and brings twenty years of professional experience to Propio’s growing technology team.
In 2021, Propio is on pace to more than double its size compared to 2020. While Propio started the year with fewer than 50 full-time employees, the company expects to surpass 100 full-time employees by end of the year.
Mariner Capital Advisors served as financial advisor and Spencer Fane LLP served as legal advisor to Propio; Faegre Drinker Biddle & Reath LLP served as legal advisor to TTCP for this transaction.
About Propio Language Services
Founded in 1998, Propio Language Services is an industry leader in over-the-phone interpretation, video remote interpretation, in-person interpretation, and document translation services. With superior interpreter quality, Propio offers technology-oriented solutions to clients driving the highest value in the industry. Visit Propio-LS.com to learn more.
TT Capital Partners (TTCP) is a healthcare investor, collaborating with healthcare technology and services companies that have the potential to become market leaders. Leveraging the insights garnered from a unique knowledge-based platform, TTCP has invested in some of the most innovative, high-growth healthcare businesses. TTCP is part of the TripleTree healthcare merchant bank. For more information, visit www.TTCapitalPartners.com.