VerbalizeIt, a human-powered translation service, appeared on Season 4 of Shark Tank USA in 2013. The founders, Ryan Frankel and Kunal Sarda, made a deal with Kevin O’Leary for $250,000 in exchange for 20% equity. This deal resulted in a net worth valuation of $1.25 million for VerbalizeIt. In 2016, VerbalizeIt was acquired by Smartling and is currently functioning under Smartling.
Key Takeaways:
- VerbalizeIt appeared on Season 4 of Shark Tank USA in 2013.
- The founders made a deal with Kevin O’Leary for $250,000 in exchange for 20% equity.
- The net worth valuation of VerbalizeIt was $1.25 million.
- In 2016, VerbalizeIt was acquired by Smartling.
- VerbalizeIt is currently functioning under Smartling.
VerbalizeIt Founders and Key Accomplishments
VerbalizeIt, the human-powered translation service, was founded in 2009 by Ryan Frankel and Kunal Sarda. Ryan, with a background in economics, brings his expertise from working in private equity to the company. Kunal, on the other hand, holds degrees in business administration and industrial and systems engineering.
As of 2023, the net worth of the founders is estimated to be 10 million USD, reflecting their success in building VerbalizeIt. Their appearance on Shark Tank in 2013 was a pivotal moment for the company, propelling them into the spotlight and attracting more attention to their innovative translation services.
The founders’ entrepreneurial spirit and dedication to breaking down language barriers have been instrumental in driving VerbalizeIt’s growth. Today, the company operates under Smartling, providing a wide range of translation services for businesses, particularly in the online media industry. VerbalizeIt’s notable clients include Spotify, Pinterest, and GoPro, cementing its position as a trusted translation partner for leading companies around the world.
Key Accomplishments
- Founded VerbalizeIt in 2009
- Featured on Shark Tank in 2013
- Acquired by Smartling in 2016
- Net worth of the founders estimated at 10 million USD in 2023
- Providing translation services for industry-leading companies such as Spotify, Pinterest, and GoPro
In summary, Ryan Frankel and Kunal Sarda, the founders of VerbalizeIt, have achieved remarkable success in the world of translation services. Their appearance on Shark Tank and subsequent acquisition by Smartling have solidified their position in the industry. With a net worth of 10 million USD and an impressive client portfolio, VerbalizeIt continues to make a significant impact in breaking down language barriers for businesses worldwide.
VerbalizeIt Pitch on Shark Tank and Business Growth
When VerbalizeIt appeared on Shark Tank in 2013, they were seeking a $250,000 investment for 15% equity, which valued the company at $1.66 million. During their pitch, they caught the attention of Kevin O’Leary, who offered the same amount of investment but for 20% equity. The founders, Ryan Frankel and Kunal Sarda, accepted the deal, resulting in VerbalizeIt having a post-Shark Tank valuation of $1.25 million.
Following their appearance on the show, VerbalizeIt experienced significant growth and expanded their services. They added translation services for documents, videos, internet content, and apps to their offerings. Additionally, the company shifted its focus from individual consumers to targeting businesses, recognizing the demand for translation services in the corporate world.
This strategic decision allowed VerbalizeIt to attract more clients and ultimately led to their acquisition by Smartling in 2016. Although the details of the acquisition were not publicly disclosed, it marked a significant milestone for VerbalizeIt and reinforced their position in the translation services industry.
| Key Points: | Details |
|---|---|
| Shark Tank Pitch | $250,000 for 15% equity |
| Deal Accepted | $250,000 for 20% equity |
| Post-Shark Tank Valuation | $1.25 million |
| Expansion of Services | Translation for documents, videos, internet content, and apps |
| Shift in Target Market | From individual consumers to businesses |
| Acquisition by Smartling | Terms not disclosed |
VerbalizeIt’s Current Status and Industry Recognition
VerbalizeIt, now operating under Smartling, has established itself as a prominent player in the translation industry since its appearance on Shark Tank. With a primary focus on providing translation services for businesses, particularly online media companies, VerbalizeIt offers comprehensive solutions for text, audio, and video translation.
Notable clients such as Spotify, Pinterest, and GoPro have trusted VerbalizeIt to bridge language barriers and expand their global reach. As a testament to its success, Smartling, the parent company of VerbalizeIt, received a substantial growth investment of $160 million in 2021. This investment further solidified Smartling’s position as an industry leader in providing translation solutions for businesses.
While VerbalizeIt continues to thrive, it faces competition from other translation service providers such as One Hour Translation, Gengo, and Transfluent. However, with its proven track record and a strong emphasis on delivering quality and reliable translation services, VerbalizeIt remains a trusted choice for businesses looking to overcome language barriers in the global marketplace.
FAQ
What is the net worth of VerbalizeIt before and after appearing on Shark Tank?
Before appearing on Shark Tank, VerbalizeIt had a net worth valuation of $1.25 million. The founders made a deal with Kevin O’Leary for $250,000 in exchange for 20% equity. As of 2023, the net worth of the founders is $10 million USD.
Who are the founders of VerbalizeIt and what are their key accomplishments?
VerbalizeIt was founded in 2009 by Ryan Frankel and Kunal Sarda. Ryan has a background in economics and Kunal has degrees in business administration and industrial and systems engineering. Their key accomplishment was being featured on Shark Tank in 2013, which brought more popularity to the business.
What happened to VerbalizeIt after its pitch on Shark Tank?
After their Shark Tank pitch, VerbalizeIt expanded its services to include translation for documents, videos, internet content, and apps. The company also shifted its focus to providing services for businesses rather than targeting individual consumers. VerbalizeIt’s growth led to its acquisition by Smartling in 2016, although the terms of the deal were not disclosed.
What is VerbalizeIt’s current status and industry recognition?
VerbalizeIt is currently operating under Smartling and focuses on providing translation services for businesses, especially online media companies. They offer translation for text, audio, and video, and have clients such as Spotify, Pinterest, and GoPro. In 2021, Smartling received a growth investment of $160 million, solidifying its position as an industry leader in translation for businesses. VerbalizeIt’s competitors include One Hour Translation, Gengo, and Transfluent.