When we first started writing about money and mergers in the translation and localization industries in 1997 (see the LISA Newsletter VI/2), five companies were doing most of the acquiring: Alpnet, Benesse, Bowne, Language Management International and Lernout & Hauspie. Only one, Bowne, is still operating under its own name. One that disappeared, Language Management International (LMI), had an interesting end game: It would acquire smaller private translation firms around the world like The Corporate Word, and then sell them to larger firms (Berlitz).