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RWS Holdings PLC on Wednesday said it has bought Propylon Holdings Ltd for up to €36.6 million. The Buckinghamshire, England-based technology-enabled language services provider said is has bought Propylon for €30.1 million on a cash-and-debt free basis. There are also additional deferred payments of €6.5 million, due on each of the first and second anniversary of completion. These are conditional on the Propylon management team remaining in place. ‘Propylon’s component content management system is used by governments, standards bodies, legal publishers and regulated firms to address the complexities involved with drafting, managing, publishing and updating legal and legislative content,’ RWS explained. It added that Propylon’s clients include a number of US State legislatures and national parliaments. Propylon, which is headquartered in Dublin, will continue to be managed by its current Chief Executive Officer John Harrington. In 2022, Propylon reported revenue of $12.7 million, a 13% increase from the previous year and is expected to deliver revenue growth for 2023 of about 30% with an earnings before interest, tax, depreciation and amortisation margin close to 25%. RWS said the acquisition is in line with the its strategy to actively pursue acquisitions that have the potential to accelerate delivery of its medium-term plans. Chief Executive Officer Ian El-Mokadem said: ‘Propylon is a pioneer in its industry and has hugely helped its clients to manage the way they author, publish and comply with laws and regulations. The synergies between our organisations come from our ability to combine offerings, expand our geographical reach and bring new propositions to our global client base.’ Shares in RWS were up 3.9% to 242.00 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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