Lionbridge is acquiring PRI for a consideration of approximately
in cash, subject to adjustments for closing working capital, cash positions and other customary post-closing events. The consideration is being satisfied using
of Lionbridge's existing cash resources and revolving line of credit, as well as a
note payable. PRI had unaudited revenue of
for calendar year ending 2011.
Lionbridge Technologies, Inc. (NASDAQ: LIOX) is a provider of translation and testing solutions. Lionbridge combines global resources with proven program management skills to serve as an outsource partner throughout a client's product and content lifecycle - from development to translation and testing. Global organizations rely on Lionbridge to increase international market share, speed adoption of products and content and effectively engage customers in local markets worldwide. Based in
, Lionbridge maintains solution centers in 26 countries and provides services under the Lionbridge and VeriTest brands. To learn more, visit
This press release contains forward-looking statements that involve risks and uncertainties, including expectations for revenue and earnings related to the acquisition of PRI for 2012 and 2013. Lionbridge's actual experiences, actions, financial and operating results may differ materially from those discussed in the forward-looking statements. Factors that might cause such a difference include the termination of customer contracts prior to the end of their term; integration expense; Lionbridge's dependence on clients' product releases and production schedules to generate revenues; the loss of a major client or customer; the size, timing and recognition of revenue from major clients; customer delays or postponements of services;; risks associated with management of growth, transition and integration; the failure to keep pace with the rapidly changing requirements of its clients; Lionbridge's ability to attract and retain key personnel; costs associated with and consequential to the acquisition and integration of PRI and benefits realized from the acquisition; risks associated with competition and competitive pricing pressures; and Lionbridge's ability to forecast revenue and operating results. For a more detailed description of the risk factors associated with Lionbridge, please refer to the Company's Annual Report on Form 10-K for the year ended
December 31, 2011
and subsequent filings with the SEC (copies of which may be accessed through the SEC's website at
Sara Buda Lionbridge Technologies
SOURCE Lionbridge Technologies, Inc.