The 2024 Inc. 5000 list of fastest-growing U.S. companies is out, and Slator has identified 14 language service providers (LSPs) that are featured in this latest edition.

This is a notable fact considering that the industry faced a downturn in 2023. According to data collected and analyzed by Slator for the Language Industry Market Report 2024, the global language services and technology industry shrank by 3.07% in 2023 to an addressable market size of USD 27.03 billion.

The 2024 Inc. 5000 rankings are based on the percentage revenue growth of private U.S. companies from 2020 to 2023. To be eligible, companies must have been founded on March 31, 2020, and have generated revenue of at least $100,000 that year and at least $2 million in 2023.

Nine of the LSPs listed in 2024 have been rated previously, with Piedmont Global Language Solutions (PGLS) (ranked 245) topping the list. In fact, four of the top five LSPs of 2024 are repeats from the previous edition.

Virginia-based PGLS, founded by Somali-American entrepreneur Mohamed Hussein, is said to have grown 1667% in three years. PGLS is also among the Inc. 500 fastest-growing companies overall in 2024 and is the only LSP to have done so.

Slator 2024 Language Service Provider Index (data as spreadsheet download)

Spreadsheet showing underlying data for Slator 2024 LSPI: ~250 LSPs, 2023 revenue (USD), growth, ownership, headquarters, and more.

Regularly ranked Propio Language Services (#603) came in second with 751% growth over three years. The ranking represents a significant increase for the translation and interpreting services provider compared to its position last year (#1034 in 2023 with 574% growth).

Third place this year goes to Boostlingo (#839). The interpreting company makes its third appearance on the list and is once again in the top five with 592% growth.

For the second year in a row, Florida-based Bilingual Global (#1427) made the list, taking fourth place among the top five LSPs. The startup described itself this year as a “nearshore outsourcing company specializing in multilingual customer support services.”

Coming in at number 5 among LSPs for the first time is experienced LSP acutrans (#2357). The translation and interpreting company has been in business since 1976 and has grown by 220% in the last three years.

More new kids in the LSP Inc. 5000 Block

Founded in 1998, Translation Station (#2676) is a generalist LSP based in Georgia. The company was named to the 2024 Inc. 5000 list for the first time and has experienced 190% growth.

Lilt (ranked 2996), which is classified as an AI company and makes its first appearance on the list with 167% growth, has been in business for nearly ten years. In its description for the list, the language technology company offers “multimodal content translation and generation applying AI to traditional translation services.”

The two companies on the five newly ranked LSPs reported growth of 146% and 102%, respectively: Argo Translation (ranked 3328), a translation and interpreting provider founded in 1995, and Ad Astra (ranked 4267), which describes its business as communications solutions and language services and has been in business since 2010.

The four other LSPs named in the 2024 list are repeat winners: Fed Writers (#2682), Alconost. (#3739), The Spanish Group (#3961), CQ Fluency (#4022), and Eriksen Translations (#4497).

Contact us if you think we’ve missed a company that should be listed. For more financial insights from Slator, check out the Language Industry Investor Map and the latest edition of the Slator Language Industry Buyer Tracker.