Summa Linguae signs an agreement that changes the investment contract with Mayflower Language Services.
Changes in the contract involves acquisition of 100% shares of Mayflower by Summa Linguae. It also further details the process of complete integration of both the companies.
Summa Linguae (SUL) and Mayflower Language Services signed the first investment contract on 6 September 2016. According to this contract, SUL acquired 3922 shares in the increased initial capital of Mayflower, which corresponds to 25% of the initial capital of the Indian company. On the other hand, Mayflower acquired 191,130 ordinary bearer shares in the increased initial capital of SUL.
So, the January 18 agreement agreement is a continuation of activities by both companies that aim at achieving synergy.
According to the contract, the operational integration of SUL and Mayflower will proceed in four stages. This will cover alliance of sales and marketing, production, financial controlling, and other areas of operations of both the companies. SUL will have complete operational and financial control over Mayflower.
The Management Board of SUL have decided to preserve the identity of the Mayflower as a brand while it becomes a part of the SUL Group, which also includes Summa Linguae Romania based out of Bucharest.
From the first quarter of 2018, the financial statements of SUL and Mayflower will also be fully consolidated.
The consolidated revenue of the companies places Summa Linguae among the top 100 translation agencies in the world.
For Summa Linguae, the merger with Mayflower is the next step towards the implementation of its business strategy, based on mergers and acquisitions. The main goal is to strengthen its global presence and expand the portfolio of offered services.
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