Bedford, Massachusetts-based global software company
Progress Software Corporation has signed a definitive agreement to acquire end-to-end solutions provider Telerik AD.
Founded in 1981 by Joseph Alsop, the company's range of services include application development and Software-as-a-Service (SaaS) enablement and delivery. The deal is expected to cost $262.5 million. In excess of 4 million users and 47,000 businesses in over 175 countries run applications on the Progress OpenEdge platform and database.
Established around 12 years ago, Telerik caters to a community of 1.4 million developers by enabling them to "create compelling user experiences across cloud, web, mobile and desktop applications". The company generated $60 million in revenue over the last year. It provides services to developers at 450 of the Fortune 500 companies. Together Progress and Telerik's services will provide a "comprehensive cloud and on-premise platform" that allows developers to develop data-driven applications for the cloud and other hardware.
"User experience is defining the way application software is being selected," explained the CEO of Progress, Phil Pead. "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.”
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