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Lionbridge Announces Acquisition Of Application Development And Testing Firm E5 Systems

WALTHAM, Mass., Oct. 8, 2013 /PRNewswire/ -- Lionbridge Technologies, Inc. (Nasdaq: LIOX) today announced that it has acquired E5 Systems, a US-based, privately-held provider of application development and testing solutions.  The addition of E5 will enable Lionbridge to expand its strong presence in China, meet growing demand for integrated onshore / offshore solutions and access E5's long-standing relationships with clients in the hospitality and financial services industries. 

"Organizations across industries rely on our proven global program management models that deliver the optimal combination of skill, geography and cost for each business need, from business process crowdsourcing to real-time technology to offshore scale.  The addition of E5 Systems will add further scale to our proven delivery capabilities in China and allow us to meet growing demand for reliable, secure offshore delivery," said Rory Cowan, CEO of Lionbridge.  "We will build on E5's unique skills to broaden our development, testing and globalization capabilities into new markets and new applications."

E5 Systems combines US-based onsite program management and China-based delivery for application development and testing services.  E5 Systems has qualified development and testing professionals in the US and in Jinan, China, which is located approximately 225 miles south of Beijing and approximately 500 miles north of Shanghai.  The Company provides services for several long-standing clients including Hyatt Hotels, Interstate Hotels & Resorts, Deluxe Corporation and GuestMetrics.

Lionbridge is acquiring E5 Systems for a total estimated cash consideration of approximately $1.6 million, subject to adjustment for working capital and other matters, and an additional $2.15 million maximum earn-out potential which would be payable in cash over two years, subject to the attainment of certain annual revenue metrics.

Lionbridge expects the acquisition to be neutral to earnings in 2013 and 2014, including minimal acquisition and integration costs.

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