RWS Completes Acolad Acquisition at £22.4 Million Enterprise Value

RWS Holdings plc announced on November 2, 2026 that it has completed its acquisition of Acogroup, the parent company of language and content services provider Acolad, following the completion of social consultation and all regulatory approvals. The transaction carries an enterprise value of £22.4 million (€26.0 million) and total consideration of £40.2 million (€46.6 million), according to the terms RWS disclosed when it entered the binding agreement in August 2026.

In its completion announcement, RWS, an AIM-listed global AI solutions company, said the acquisition strengthens its European and North American presence and expands the reach of its AI technology and platforms. Acolad’s customers will gain access to RWS’s Cultural Intelligence Layer, Language Weaver Pro, Trados and a growing portfolio of AI platforms. Acolad brings an established enterprise customer base and expertise in localization, interpreting, transcription and data services, and Acolad’s strengths in regulated industries, public institutions and medical devices complement RWS’s existing capabilities, particularly in life sciences.

“Today marks an exciting new chapter for RWS and Acolad, and above all for our customers,” said Benjamin Faes, Chief Executive Officer of RWS. “Together, we bring the technology and specialist expertise to help customers solve their most complex content challenges and grow in international markets, with greater choice and broader access to AI-powered solutions, backed by the human expertise they trust.”

Deal Terms and Funding

Under the binding agreement disclosed in an August 3, 2026 regulatory announcement, RWS’s wholly owned subsidiary RWS Global Holdings Limited agreed to acquire Acogroup from its security holders. The agreement included the acquisition of all outstanding bonds issued by V.O. Paris, an Acogroup subsidiary, and owned by funds and accounts managed or advised by Barings; those bonds become an intra-group obligation within RWS following completion until unwound. The total consideration of £40.2 million (€46.6 million) includes payment for approximately £17.8 million (€20.6 million) of cash at completion, and the terms represent an enterprise value of two times adjusted EBITDA to September 30, 2027, with no third-party debt acquired.

Completion was conditional on a consultation process by two Acogroup subsidiaries with their French Works Councils and on regulatory clearances, including from the French Ministry for the Economy, Finance and Industrial, Energy and Digital Sovereignty. The transaction represented a substantial transaction for RWS under AIM Rule 12, and RWS funded the acquisition through existing facilities after refinancing its revolving credit facility in October 2025.

Acolad’s Business and Finances

Founded in 1995 and headquartered in the Paris area, Acolad employs approximately 1,200 people across 22 countries in Europe and North America. In the year to December 31, 2025, it generated revenues of £182 million (€211 million) and adjusted EBITDA of £13 million (€15 million), with gross assets of £404 million (€469 million) at that date. Roughly half of Acolad’s revenues come from regulated industries; about 75% of revenues derive from localization and related services, with interpreting, transcription and other services accounting for the remaining 25%. Acolad works with approximately half of the CAC 40 companies.

For RWS’s financial year to September 30, 2027, Acolad is expected to contribute, on an annualized basis, revenue of approximately £155 million (€180 million) and adjusted EBITDA of approximately £11 million (€13 million), the company said.

Acolad becomes part of RWS’s Transform segment. RWS first announced the agreement on August 3, 2026, saying at the time that it expected completion by March 31, 2027, pending the French information and consultation process and other regulatory approvals. Acolad Chief Executive Officer Bertrand Gstalder and co-founder Benjamin du Fraysseix both backed the combination in the August announcement.