On June 19, 2007, SDL announced the acquisition of PASS Engineering, the developers of the software localization tool Passolo. This announcement came almost exactly two years after the acquisition of TRADOS by SDL on June 21, 2005 and a month after the acquisition of Tridion on May 18, 2007. SDL paid €2 million (US$2.72 million), for PASSOLO, half in cash and the balance in up to 160,728 shares in SDL plc. The two PASS shareholders (Achim Herrmann and Florian Sachse) will remain in the employment of the SDL group (source: London Stock Exchange, RNS 5722Y). This brief report investigates the effects of the recent acquisition ...