June 4, 2012 /PRNewswire/ --
Lionbridge Technologies, Inc. (Nasdaq: LIOX) today announced that it has acquired
Indiana-based Productive Resources, LLC (PRI), a privately-held provider of outsourced technical engineering, documentation and drafting solutions, for approximately
$12 million, net of cash. The addition of PRI will address growing demand for integrated solutions that enable organizations to effectively author, illustrate and translate their content and technical documentation.
With recurring, multi-year contracts with clients in the manufacturing and industrial sectors, PRI provides Lionbridge well-established operations in the Midwestern region of the US. The acquisition also expands the Company's delivery model for addressing all aspects of client's global content lifecycle, including drafting, illustration, documentation, translation and support.
"As US-based manufacturing organizations continue to grow their export markets, the demand for integrated, global technical engineering services is accelerating," said Rory Cowan, CEO, Lionbridge. "PRI is the ideal partner for Lionbridge with a proven track record of providing domestically-delivered engineering and documentation solutions that offer clients unparalleled value, knowledge and experience. We will build upon PRI's skills as we expand relationships with clients in this growing market sector."
The two companies have several mutual clients, including Rolls Royce, and already have integrated their solutions to support clients' needs for technical illustration, authoring and translation.
"PRI realizes significant benefits by becoming part of Lionbridge," said Steve Booher, CEO of PRI. "We gain a powerful worldwide sales channel and a proven global delivery platform to complement our US based operations. Our employees and clients will benefit from becoming part of a larger organization with a global team of program management experts across 26 countries and a broader suite of solutions that span the full lifecycle of global content and technical engineering."
The Company expects the acquisition will contribute modestly to earnings in 2012 and will be solidly accretive to earnings in 2013 including minimal acquisition and integration costs.