Progress Software Announces Intent to Acquire Telerik

Oct 23, 2014

Progress Software Corporation announced that it has entered into a definitive agreement to acquire privately held Telerik AD, a provider of application development tools, for $262.5 million. Telerik enables its 1.4 million member developer community to create compelling user experiences across cloud, web, mobile, and desktop applications. Telerik's revenue for the last twelve months was over $60 million, with annual bookings growth of over 20%. Progress expects the addition of Telerik to be slightly accretive on a Non-GAAP basis in the first year following the acquisition.

The combination of Progress and Telerik will create a comprehensive cloud and on-premise platform offering that enables developers to create applications driven by data for any device or cloud. The combination of Progress and Telerik brings together two complementary companies. More than 4 million users and 47,000 businesses in over 175 countries run applications on the Progress OpenEdge platform and database, and with its Pacific and Modulus platform, Progress offers an integrated cloud platform for developers to create applications on any cloud or on-premise infrastructure. Progress was recently positioned as a "Visionary" in Gartner's Magic Quadrant for Enterprise Application Platform-as-a-Service (aPaaS).