WALTHAM, Mass., April 7, 2011 /PRNewswire/ -- Lionbridge Technologies, Inc. (Nasdaq: LIOX), today announced that since January 2011, it has secured several new, multi-year, multi-million dollar relationships with leading organizations in the aerospace, media, life sciences, mobile and services industries and successfully expanded several existing client programs. Lionbridge estimates the value of the new relationships will total approximately $12-15 million annually once these programs have fully ramped. The new programs include:
- A new agreement with a provider to a leading European aircraft manufacturer that is estimated to generate $8.0 million over the next three years. This agreement expands on Lionbridge's existing relationships with the client and includes new programs for technical authoring and illustration for the Company's online repair and maintenance information.
- A new contract with a world leader in inspection, verification, testing and certification services. Lionbridge expects this new client program to generate at least $2.3 million in the first year with further expansion potential over the three year term of the agreement.
- A new global development and testing program with a leader in wireless innovation. Lionbridge expects this contract expansion to generate $2.0 million per year in addition to the existing revenue.
- A new program with an existing client that should increase current revenue levels with this client by at least $2.0 million each year. The new program includes global development and management of Web properties for a global leader in networking.
- A new master services agreement to be the premier provider of translation for a leading provider of diesel power technology.
- A new master services agreement with a renowned research, training and consulting firm.
- A master services agreement to become a premier translation provider for a world leader in interactive entertainment.
"These new programs with the world's most prestigious global brands underscore the growing demand for technology-led solutions that enable enterprises to effectively develop and manage technology, content and communications in global markets," said Rory Cowan, CEO of Lionbridge. "As we indicated on our last earnings call, business momentum is starting to return. Our recent investments in sales and marketing are beginning to pay off as our teams secure large-scale programs with new clients across diverse end markets and expand existing relationships. This gives us further confidence as we begin to ramp these new programs over the next several quarters."
Lionbridge Technologies, Inc. (NASDAQ: LIOX) is a provider of translation, development and testing solutions. Lionbridge combines global resources with proven program management methodologies to serve as an outsource partner throughout a client's product and content lifecycle - from development to translation, testing and maintenance. Global organizations rely on Lionbridge services to increase international market share, speed adoption of global products and content, and enhance their return on enterprise applications and IT system investments. Based in Waltham, Mass., Lionbridge maintains solution centers in 26 countries and provides services under the Lionbridge and VeriTest brands. To learn more, visit http://www.lionbridge.com.
This press release contains express or implied forward-looking statements, including statements relating to estimated revenues associated with customer engagements and expected customer demand for the Company's solutions. Lionbridge's actual experiences and results may differ materially from those discussed in the forward-looking statements. Factors that might cause such a difference include; the termination of customer contracts or engagements prior to the end of their term; the size, timing and recognition of revenue; continued uncertainty, volatility or deterioration in global economic conditions that could negatively affect demand for the Company's services; fluctuations in political, economic and business conditions, and additional downturns in worldwide economic conditions generally, and in the information technology and software industries specifically; Lionbridge's ability to forecast revenue, profitability and customer demand; Lionbridge's ability to perform services in lower cost operational locations; and customer delays or postponements of services. For a more detailed description of the risk factors associated with Lionbridge, Please refer to Lionbridge's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2011.
SOURCE Lionbridge Technologies, Inc.