Language Line Services Holdings, Inc. is the latest company which has filed to come public via an initial public offering. The terms were not disclosed, but for filing purposes it listed a sale of up to $400 million in a common stock sale. The company noted a NASDAQ listing but there is no stock ticker designated for the offering.
What is interesting about Language Line Services is that it is a newly formed company in Delaware with operations limited to reorganizing the organizational structure of Language Line Holdings LLC. The predecessor company and new operations are on-demand language interpretation services supporting over 170 languages. It offers interpretation services to businesses, government and other public sector clients primarily via telephone interpretation, as well as by video and in-person interpretation services.
The company listed that in 2008 it helped more than 35 million people communicate across linguistic barriers by providing over-the-phone interpretation. It also boasts over 10,000 clients, including approximately 60% of the Fortune 500 companies and all of the top 20 emergency 911 response centers in the United States. The company’s largest client represented less than 5% of revenue and its largest vertical market, healthcare, represented less than 30% of revenue for the nine months ended September 30, 2009.
Revenue grew to $278.2 million in 2008 from $185.3 million in 2006; income from operations for 2008 was $70.3 million. The underwriters are listed as Morgan Stanley, Credit Suisse, and BofA Merrill Lynch.
Jon C. Ogg
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