Progress Software to Acquire Toolmaker Telerik for $262.5 Million
Progress Software is acquiring tools provider Telerik to combine the application development strengths of both companies in a deal worth $262.5 million.Progress Software announced that it has entered into a definitive agreement to acquire privately held development tools maker Telerik AD for $262.5 million. The combination of Progress and Telerik will create a comprehensive cloud and on-premises platform offering that enables developers to rapidly create applications driven by data for any device or cloud. The combined offering will enable developers to create highly personalized user experiences, applications and connections to multiple data sources without being limited by cloud or device. Progress Software officials said Telerik enables its community of 1.4 million developers to build user experiences across cloud, Web, mobile and desktop applications. Telerik's revenue for the last 12 months was over $60 million, with annual bookings growth of over 20 percent, Progress said. "User experience is defining the way application software is being selected," said Phil Pead, CEO of Progress, in a statement. "Telerik's strength is in helping developers create elegant, custom user interfaces for their cloud, web-based and on-premise applications. Building applications today is truly complex. Developers also must deal with security, scaling, massive amounts of data and the ability to deploy on a large number of different devices. Together, Progress and Telerik can help to solve these issues so that developers can focus on building software that solves business problems."
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 rapidly create applications on any cloud or on-premises infrastructure.