RWS Holdings had bought language translation software developer Iconic Translation Machines, founded on DCU's research into translating patents.
Document and patent language translation services provider RWS Holdings has acquired translation software tool developer Iconic Translation Machines in an up to $20m deal allowing Dublin City University to exit.
The agreement includes a $10m upfront cash payment followed by up to $10m of equity funding after 28 months should Iconic fulfill certain performance objectives.
Founded in 2013, Iconic builds language translation tools for enterprises in various industries, using artificial intelligence and machine learning to accurately translate large quantities of text.
Projects undertaken by the spinout have included an English-Portuguese patent translation tool created for the European Patent Office.
Iconic Translation Machines was co-founded by Páraic Sheridan, then a researcher at Dublin City’s School of Computing, and John Tinsley, who coordinated the patent translation project at the university’s Centre for Next Generation Localisation (CNGL).
CNGL has since been absorbed by Adapt Centre, a multi-university research…
