NEW YORK and CARSON CITY, Nev., Aug. 15, 2018 (GLOBE NEWSWIRE) -- TransPerfect, the world’s largest provider of language and technology solutions for global business, announced that it has moved the state of its incorporation from Delaware to Nevada, effective August 6, 2018. The company's global headquarters will remain in New York, NY and the company will continue to service clients through more than 4,000 employees operating in over 100 offices worldwide.
In 2017, the Delaware Court of Chancery ordered the auction of a private, profitable, rapidly-growing, industry leader, TransPerfect Global (the parent company of TransPerfect) against the wishes of two out of three owners, the first ruling of its kind in U.S. history. Phil Shawe was forced to compete in an auction to retain the company he co-founded and co-owned, while simultaneously contesting its legality and constitutionality. Shawe prevailed in that auction and successfully gained ownership and full control of the company, allowing it to move forward under its existing and unified management team. However, the litigation was protracted, disruptive to TransPerfect employees, and costly to both the company and its co-founders. Many believe that the unprecedented manner in which the Chancery Court handled the case was a key factor in Delaware plummeting from its #1 ranking in the U.S. Chamber of Commerce business litigation survey to #11.
TransPerfect President and CEO Phil Shawe said, “For many years, most companies, including ours, considered Delaware the default option for incorporation. But times and circumstances have changed. Other states, Nevada chief among them, now represent compelling alternatives."
Fellow TransPerfect shareholder, Shirley Shawe, added, "The expense burden some jurisdictions place on resident companies through overly high litigation costs is simply staggering; our situation in Delaware was a perfect example. Without significant legislative reform, I would not be surprised if TransPerfect's 'Dexit' becomes part of a larger trend." She went on to say, "Nevada has a reputation for a rational and predictable judiciary, as well as one that operates with lower litigation costs and promotes settlements."
Following the May 7, 2018 closing, TransPerfect announced record-breaking first and second quarter financial performances. Commenting on the company's performance, Phil Shawe said, "TransPerfect is up 20% year-to-date and we expect to exceed $700 million in revenue in 2018. With all appeals having been exhausted or forgone, our new incorporation domicile in Nevada, and our experienced management team and workforce, TransPerfect has truly begun a new chapter. We are poised to continue our successful business model and to make the necessary investments to drive innovation and growth."
About TransPerfect
TransPerfect is the world’s largest provider of language services and technology solutions for global business. From offices in over 90 cities on six continents, TransPerfect offers a full range of services in 170+ languages to clients worldwide. More than 4,000 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.
Contact:
Ryan Simper +1 212.689.5555
mediainquiry@transperfect.com