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Machines Will Not Replace Humans for Translation

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Machines Will Not Replace Humans for Translation INVESTOR PRESENTATION March 2017 For personal use only STRAKER TRANSLATIONS IS A TECHNOLOGY LEADER IN THE US$40 BILLION1 GLOBAL TRANSLATIONS INDUSTRY Straker Utilises Proprietary Machine Learning and Global Crowd Sourcing To Create a More Effective Translation Supply Chain For personal use only (1) Source: Common Sense Advisory, The Language Services Market: 2016 2 The Hybrid Machine/Crowd Sourced Translation Model has Begun to Dominate the Industry POOR INEFFICIENT WINNER QUALITY Historical Manual Hybrid Model Pure Machine Translation • Limited by in-house language • First draft by machine • Good for ‘getting the gist’ pair capability • Final product refined by • Nowhere near the quality required • Slower humans by corporate customers • Lower margin because pipeline • Crowd source from thousands • Struggles with context not 100% full for every person all of registered translators • Struggles with industry specific or of the time • Translation performed by the technical detail • Overhead drag people most highly rated for that language pair STILL THE BULK OF THE US MOST EFFECTIVE SPEED AND APPROPRIATE TO USE IN A $40BN INDUSTRY, RIPE FOR ACCURACY AT LOWEST COST HYBRID MODEL TO ENHANCE THE TAKING SPEED AND MARGINS, BUT CAN’T BE USED STANDALONE For personal use only 3 Straker has the most efficient and proven hybrid 40,000 translation model registered Proven translators in the world Platform Centralised Cloud Based Translators paid Translators Platform by the hour, but constantly rated charged by per using big data word rate assets Highly Scalable Seasoned Machine Team For personal use only Learning 4 Straker Has A Strong Competitive Advantage SPEED HARD TO REPLICATE Straker’s platform makes the quotation and translation Straker’s platform is the result of seven years of process faster than its competitors, in a market where iterative development and customer feedback, speed and accuracy are equally valued making it difficult to replicate WORDS PER DAY TRANSLATED FOR EACH LANGUAGE1 CUSTOM BUILT WITH NO OVER 40,000 TRAINED Words per day Translated for Each Language LEGACY REQUIREMENTS TRANSLATORS Large LSP Straker Mid Sized LSP Straker is up to 2.5x faster than competitors Pure Play LSP DAILY RELEASES OF SEVEN YEARS OF FEATURES, INNOVATIONS CUSTOMER DATA TO FEED AND IMPROVEMENTS AI ENGINE 2,000 4,000 6,000 8,000 For personal use only (1) Source: Straker Management, based on benchmarking of competitors’ pricing of jobs quoted by Straker 5 Straker is Well Positioned For Success STRAKER AVERAGE 50-55% INDUSTRY AVERAGE 40-45% ORGANIC GROWTH AND NATURAL ACQUISITION INDUSTRY HIGH TARGETS GROSS MARGINS Highly fragmented industry Top 100 operators contribute less than + 13% global revenue1 GLOBALLY SCALABLE WINNING MARKET SHARE GLOBALLY 80% OF REVENUE IS ALREADY INTERNATIONAL For personal use only (1) Source: Common Sense Advisory, The Language Services Market: 2016 6 A Large Global Market Annual revenue from the global translation Global spread of activity means no industry currently exceeds US$40 billion1 dependence on any particular region The industry continued growing during the Oceania GFC as customers looked to new, foreign 2% Asia language markets to fuel growth 11% North America $40B 34% $38B $37B $35B $33B $26B Latin America Europe 2% 51% 2011 2012 2013 2014 2015 2016 For personal use only (1) Source: Common Sense Advisory, The Language Services Market: 2016 7 Industry Growth Forecast To Continue CONTENT CREATION The recent proliferation in publishing platforms and the increased importance of content driven marketing has resulted in content volumes DEMOGRAPHIC SHIFT growing rapidly The growth of the middle class in emerging markets has changed internet demographics MACROECONOMIC GROWTH Translation services increasingly enable global trade GLOBALISATION $47Bn Demand for translation services 6.2% Global continues to grow as Revenue CAGR1 businesses expand internationally $37Bn For personal use only 2014 2018 (1) Source: Common Sense Advisory, The Language Services Market: 2016 8 Case Studies of Growing Use of Translation eCommerce Manufacturing Technology The Hut Group are the UK’s Mitutoyo are a large German largest eCommerce provider. They Manufacturer, with $800k have over $1m in contracted contracted translation revenue translation revenue with Straker with Straker The Straker automation technology and advanced workflows fit Amazon use Straker Caterpillar use Straker for perfectly into most tech company Translations across Europe, the Product Information documents globalisation strategies and aims UK and the USA and International sales proposals For personal use only 9 The Advance of Machine Translation Benefits Straker Better quality machine “Machines will not replace humans for translation translation in the next 50 years - we cannot train them to understand context as they don’t know what context is” - Kyunghyun Cho - world leading expert on neural machine translation Faster speed of IMPROVED translation by MARGIN FOR Better first crowd sourced STRAKER draft for humans translators Based on the industry CAGR, trillions of dollars of business will Improved be done in this time. This represents corpus of an enormous opportunity for word pairs Straker to continue to benefit from the advance of machine translation. For personal use only 10 Straker has World Leading Quality Control Refunds represent Global Certification only 0.3% of Straker has the highest global certification possible for revenue, validating Straker’s quality translation services - ISO 9001 and EN-15038 approach Centralised Control The RAY translation platform centralises the translation process and the quality control process. Using big data analytics, Straker can introspect content and find issues even experienced translators may miss LISA Translation Q&A Model Straker has adopted the well proven translation quality control procedure known as LISA QA Model, the strictest international quality standard currently in place For personal use only 11 A World Leading Platform that is Virtually Impossible to Replicate TRANSLATION PROJECT MANAGEMENT PLATFORM TRANSLATOR MANAGEMENT CUSTOMER DASHBOARD PLATFORM MACHINE TRANSLATION ENGINE HUMAN TRANSLATION WORKBENCH TRANSLATION DATA ANALYTICS ENGINE AUTOMATION AND API For personal use only The world leading RAY translation platform has been developed over more than 7 years with countless iterations and has been proven in a high demand, high scale live business environment 12 A Highly Valuable Data Asset Straker Translation Memory Database DATABASE ROWS Translation memory is used to train 90,000,000 machine engines 67,500,000 When combined with human data points, accurate data memories create an 1 BILLION enormous proprietary asset WORDS 45,000,000 Enhances accuracy and efficiency, with a direct correlation to margin 22,500,000 Significant gains in Straker’s translation memory database in recent months with the acquisition of Elanex 0 Now For personal use only 2010 2011 2012 2013 2014 2015 2016 13 The Nature of Straker’s Model makes it Economically Scalable 10,000 CUSTOMERS > 40,000 REGISTERED TRANSLATORS BROAD RANGE OF TRANSLATOR STRAKER PROVIDES INDUSTRIES ADVANTAGE • Machine Learning • Legal • 80 Source Languages • Huge Corpus • Media • 100 Target Languages • Efficient Platform • Already able to handle • Manufacturing • Established Pool of translations representing • Retail Registered Translators 100m of revenue • Financial Services • Vision • Adding translators • Health • Experience consistently WITH THOUSANDS OF CUSTOMERS AND THOUSANDS OF SUPPLIERS STRAKER , For personal use only IS THE KEY PLAYER IN THE VALUE CHAIN 14 Straker is Able to Address a Global Market with Minimal Offshore Employees A GLOBAL CUSTOMER BASE REDUCES SALES CYCLE RISK AND IS A STRONG PLATFORM FOR GROWTH UK/Europe 33% Canada 2% USA 45% Asia 4% Australia 8% NZ 8% For personal use only Three global production centres in Data is based on last 12 months revenue (including Eurotext and Elanex) Auckland, Denver and Barcelona 15 An Impressive, Fast Growing Customer Base Revenue from repeat customers has been steadily increasing 60% 58% 58% 52% 47% 34% 1HY14 2HY14 1HY15 2HY15 1HY16 2HY16 New Revenue (%) Repeat Revenue (%) For personal use only 16 Straker has Multiple Growth Drivers ACQUISITION GROWTH MARKET SHARE GROWTH Organic growth 15-25% P.A MARKET GROWTH EXISTING REVENUE For personal use only 17 Traditional LSPs Present an Immediate Opportunity to Add Value STRAKER ACQUISITION STRATEGY 1. Acquisition target identified FRAGMENTED INDUSTRY WITH MANY • Small, low margin, private business ATTRACTIVE TARGETS • Owners have typically not invested in technology to the extent required to remain competitive in the future, so are open to exit options • Often a family business with owners looking to retire • Low valuation expectation TARGET PROFITABILITY IMPROVES 2. Straker process and platform creates profitability gains MATERIALLY FOLLOWING • Greater production efficiency due to machine translation and INTEGRATION AND ADOPTION OF crowdsourcing STRAKER’S PLATFORM • Overhead reduction due to integration into Straker organisation and technology platform 3. Revenue and EBITDA multiples are enhanced from being part of a world leading platform STRAKER BENEFITS FROM VALUE UPLIFT More translation memory driving AI For personal use only • • More tested and validated translators 18 Acquisition is a Powerful Driver of Value for Straker There are three stages to the process of value creation as small legacy translation service providers are acquired EXAMPLE ACQUISITION SCENARIO
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