RWS buys stake in US patent firm for $5.8m

11th Oct 2011 08:01

Intellectual property support services firm RWS has acquired a one third interest in US patent filing solutions provider inovia Holdings for $5.8m, and signed an agreement to buy up the remaining share capital.Including the initial payment, the total cash consideration totals $31.2m, with the remainder payable in September 2013, dependent on certain performance requirements.RWS's executive chairman Andrew Brode said, "inovia's excellent proprietary technology platform will add a highly complementary and scaleable service to our existing patent search and translation offering.""Having initially focussed on the US market, we believe that there is considerable opportunity for inovia to also grow in the European and Asian markets and, with the significant cross selling opportunities available across the two businesses, we look forward to assisting  in its next stage of development," he said.BC