Progress Software Acquires DataDirect
Progress is paying $88 million to purchase all the assets and certain subsidiaries of the standards-based data access software provider.Progress Software Corp. opened its wallet late last week to the amount of $88 million to purchase all the assets and certain subsidiaries of DataDirect Technologies Ltd., a standards-based data access software provider. DataDirects revenue projected this year and ending in April 2004 is forecasted to reach the low $40 million range, according to Bud Robertson, chief financial officer of Progress, in Bedford, Mass. The deal was unanimously approved by the board of directors from each company and is expected to close within 60 days, subject to usual regulatory approvals.
Ed Peters, president and CEO of DataDirect, in Rockville, Md., said coming under Progress Softwares ownership will allow his company to accelerate its development surrounding XML, specifically within areas of XQuery, data access via XQuery, and building upon its recent ADO.NET offering.