Agreement in principle to acquire Obviously Group

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

For immediate release 2 May 2026

RWS Holdings plc ("RWS", "the Group")

Agreement in principle to acquire Obviously Group Limited ("Obviously")

A unique AI-enabled technology platform which integrates IP and brand management, protection and enforcement, creating significant revenue opportunities as part of RWS

RWS Holdings plc (AIM: RWS), a global AI solutions company, is pleased to announce that it has reached agreement in principle to acquire Obviously, a next generation integrated platform which enables enterprise clients to seamlessly manage, protect and enforce their Intellectual Property ("IP") and brand integrity. The parties are in advanced and exclusive discussions to finalise and enter into definitive legally binding transaction documents to implement the acquisition and have reached agreement in principle on all substantive terms.

Acquisition highlights

· The acquisition, if completed, will position RWS as a provider of an innovative end-to-end brand lifecycle technology solution, from creation and localisation to protection, strengthening RWS's value proposition as a unified "Global Brand Guardianship" platform for large enterprise clients.

· The acquisition would be a strategic investment in a platform which can be offered to both existing and potential clients to create significant revenue opportunities across the Group's Protect and Transform segments.

· The acquisition will, if completed, expand the Group's total addressable market by c£2bn, through expansion into trademark and brand protection solutions, whilst also strengthening Protect's ability to capture a greater share of its existing addressable market.

· RWS would plan to leverage Obviously's technology to offer the full range of IP services - patents, trademarks and brand - on a single, consolidated AI enabled platform.

· Obviously's largely enterprise client base includes well-known media & entertainment, technology, financial, pharmaceutical and sports companies.

· The acquisition will, if completed, bring further technology talent into the Group.

About Obviously

Launched in 2024, Obviously is a UK-based technology company that has started to disrupt the IP management and protection solutions market, displacing existing solutions for multiple enterprises. Headquartered in London, Obviously employs approximately 30 people, 50% of whom are engineers and developers. Obviously offers a single, fully integrated platform which enables legal, marketing and finance teams to track their brand assets and IP rights, ensure their brand integrity is protected by identifying threats like counterfeits or copycats, and quantify the impact of these infringements, through its three core capabilities:

· IP portfolio management: a platform for IP case and workflow management with integrated IP services (patent and trademark renewals) enabling clients to seamlessly manage their IP rights effectively

· Brand Protection: an AI-enabled brand protection capability that uses product and commercial data to safeguard clients' user experiences from being diluted or damaged; and

· IP Intelligence: the use of commercial and sales data to connect enforcement activities to real world commercial impact.

In the year to 28 February 2026, Obviously generated revenues of approximately £2.5m and a loss of approximately £1.5m. If the acquisition completes, the business, which will continue to be managed by its current CEO, Lewis Whiting, will become part of RWS's Protect segment. 

The acquisition is expected to comprise initial cash consideration of £16.5m (on a cash-free / debt-free basis and subject to customary adjustments), with earn-out consideration of up to an aggregate amount of £23.5m, payable dependent on the satisfaction of stretching EBITDA-related performance hurdles in the financial years ending 30 September 2027, 30 September 2028 and 30 September 2029 and subject to a total consideration cap of £40m. If completed, the acquisition would represent a substantial transaction for RWS for the purposes of AIM Rule 12.

The parties are in advanced and exclusive discussions to finalise and enter into definitive legally binding transaction documents to implement the acquisition. However, there can be no certainty that a transaction will ultimately be agreed.

A further announcement will be made as and when required.

Benjamin Faes, Chief Executive Officer of RWS, commented:

"The acquisition of Obviously will be a significant step forward in accelerating our growth by pivoting to be a technology-first business with holistic solutions for enterprise clients.

"Obviously's innovative integrated platform, which safeguards brands through IP & brand management, protection and enforcement intelligence, will be a strong fit with both our existing patent-focused IP business and our localisation capabilities.

"Bringing Obviously into the Group will mean RWS can offer an integrated, global brand guardianship solution to our existing client base and will position us well for potential clients in our existing and expanded addressable market. I look forward to welcoming the technology and talent that Obviously will bring into the Group." Lewis Whiting, Chief Executive Officer of Obviously, added:

"This will mark an important milestone in Obviously's journey and a testament to the unique market position that we have created by working closely with some of the world's most recognised brands. Our platform will fast-track RWS's journey in the IP digital marketplace and bring exposure to a complementary market - brand protection. I look forward to the opportunity to bring our AI-driven platforms and expertise in relation to legal brand guardianship to RWS's extensive customer base in the Protect and Transform segments."

For further information, please contact:

The person responsible for arranging the release of this announcement on behalf of RWS is Jane Hyde, Group General Counsel and Company Secretary.

Important notices

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This announcement contains certain forward-looking statements relating to the business, strategy, financial performance and results of RWS and/or its subsidiaries, Obviously and/or the industry in which they operate. Actual results, levels of activity, performance, achievements and events may vary materially from those implied by the forward-looking statements. The forward-looking statements concern future circumstances and results and other matters that are not historical facts, sometimes identified by the words 'believes',' expects', 'predicts', 'intends', 'projects', 'plans', 'estimates', 'aims', 'foresees', 'anticipates', 'targets', 'goals', 'due', 'could', 'may', 'should', 'potential', 'likely' and similar expressions, although these words are not the exclusive means of doing so. These forward-looking statements include, without limitation, statements regarding RWS's and/or Obviously's future financial position, income growth, impairment charges, business strategy, projected levels of growth in relevant markets, projected costs, estimates of capital expenditures, and plans and objectives for future operations. Forward-looking statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Nothing in this announcement should be regarded as a profit forecast.

The forward-looking statements, including assumptions, opinions and views of RWS or cited from third party sources (including Obviously), contained in this announcement are solely opinions and forecasts which are uncertain and subject to risks. Although RWS believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. Actual results may differ materially from those expressed or implied by these forward-looking statements. A number of factors could cause actual events to differ significantly from those expressed or implied by such forward looking statements.

Most of these factors are difficult to predict accurately and are generally beyond the control of RWS and/or Obviously. Any forward-looking statements made by, or on behalf of, RWS speak only as of the date they are made. Save as required by law, RWS will not publicly release the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in the directors' expectations or to reflect events or circumstances after the date of this announcement.

About RWS:

RWS is a global AI solutions company empowering the world's most trusted enterprise AI.

Our proprietary Cultural Intelligence Layer, powered by 250,000 data specialists, cultural and language experts and deep domain professionals, backed by 45+ patents, makes enterprise AI culturally fluent, contextually accurate and secure, ensuring every interaction reflects a brand's tone, context and customer values.

Through our Generate, Transform and Protect segments, we deliver intelligent content, enterprise knowledge, large-scale localisation and IP protection for global growth. Trusted by 80+ of the world's top 100 brands, RWS provides the confidence, governance and expertise organisations need to deploy AI safely, responsibly and at scale.

Headquartered in the UK, RWS is listed on AIM (RWS.L).

For further information, please visit: www.rws.com.