RWS Holdings plc Acquires UK Specialist Translations Business
RWS Holdings plc ("RWS", "the Group"), Europe's leading provider of intellectual property support services (patent translations and technical searches) and commercial translations, is pleased to announce the completion of the acquisition of the entire issued share capital of PharmaQuest Limited ("PharmaQuest") for a cash consideration of £2.3 million.
The acquisition is in line with RWS' stated strategy of complementing organic growth with the deployment of the Group's cash resources for selective acquisitions which have demonstrable growth prospects, offer excellent margins and can enhance shareholder value.
PharmaQuest specialises in providing high quality translation and linguistic validation of patient reported outcome measures resulting from clinical trials conducted globally. The company is believed to be the only company worldwide specialising in this field. The company was founded in 2005 and is based in Oxfordshire, employing seven people. Customers include pharmaceutical companies, clinical research organisations and academia.
PharmaQuest's latest financial statements for the year ended 31 March 2013 show turnover of £1.4 million and adjusted profit before tax of £600,000. Net assets acquired were less than £100,000. The acquisition will be immediately earnings enhancing.
Andrew Brode, Executive Chairman of RWS commented:
"We are pleased to have acquired PharmaQuest, whose progress we have monitored for several years. It is an attractive business with excellent margins and good growth prospects in a rapidly expanding, specialist sector. It will immediately enhance RWS Group earnings and further strengthen our position as a leading provider of commercial and medical translations.
"We look forward to growing PharmaQuest, with the benefit of the Group's infrastructure and marketing resources, and to broadening our market share in the medical and pharmaceutical industries."