Lingit acquires LexAble to support international growth
TRONDHEIM, Norway — Lingit, a Verdane-owned software company offering multilingual literacy support for dyslexics and others with reading and writing difficulties, continues its international expansion with the acquisition of LexAble, a British technology company providing automatic and immediate text correction.
Many people have difficulties acquiring basic writing and/or reading skills, often due to dyslexia. Lingit develops language technology which makes reading and writing easier. The software supports users with spelling, word choice and reading on computers and tablets. It allows users to “read with their ears”, making it less likely for spelling mistakes to occur. This enables users to read more and produce better texts.
In 2018, Norway-based Lingit made its first foray into international markets through the acquisition of Claro Software, a British peer that offers similar solutions as Lingit. Claro Software has a strong foothold in the UK and sales in several European countries including France, the Netherlands, Italy, Spain and Sweden.
Lingit now continues its international expansion through the acquisition of LexAble. Founded in 2007 by Neil Cottrell, who has dyslexia, the company was born out of a wish to create a solution to the personal challenges he was facing when reading and writing. Through establishing LexAble, he was also able to help others in the same situation.
“LexAble has developed an exciting software for automatic text correction as you write. The software has high professional and technological credibility in the market. The technology is developed so that all corrections by the software are aggregated from users in a central database, currently consisting of more than 1.5 million validated autocorrections. This way, the underlying language resources are continuously improved as the software corrects text,” says Frode M. Thulien, CEO of Lingit.
As with Lingit and Claro Software’s solutions, LexAble’s software also works on PC, Mac and several other platforms.
“We aim to further improve our software by including LexAble’s technology in the Lingit family. It will allow us to strengthen our offering towards English language education in Norway and for Claro Software’s users, and is also an important step in further international expansion to English speaking markets.”, says Thulien.
“Norway is at the forefront in recognising reading and writing difficulties, and in understanding which approach gives the best results. We are also ahead of the curve with regards to use of digital tools in education. These represent important drivers for the adaptation of reading and writing aids, also internationally. Our experience from our home market, combined with our unique technology and methodology, gives us a clear advantage when entering new markets,” Thulien continues.
Lingit’s revenues amounted to NOK 34 million in 2017, when the Northern European specialist growth investor Verdane became majority shareholder and Lingit’s international growth strategy was implemented. The goal is to reach more than NOK 130 million in revenues in 2020, including completed acquisitions.
“We have set a new standard for reading and writing support software. Our employees are passionate about language and learning, and are privileged to see the impact our software can have on those in need of such support. Our tools provide help to both children and adults in managing and compensating for their difficulties, so that they can have the same education, work and career opportunities as everyone else. We know our technology can help millions of dyslexics across the world and the acquisition of LexAble will allow us to help even more people,” says Thulien.
The parties have agreed not to disclose the terms of the deal.