Progress Software To Buy Privately-held Telerik For $262.5 Mln

(RTTNews) - Progress Software Corp. (PRGS) Wednesday said it agreed to buy privately-held Telerik AD for $262.5 million. The company expects the acquisition help it create a a comprehensive cloud and on-premise platform for developers to create applications for any device or cloud.

Telerik's revenue for the last twelve months was over $60 million, with annual bookings growth of over 20%, Progress said in a statement. Progress expects Telerik's acquisition to slightly improve its adjusted earnings in the first year.

"User experience is defining the way application software is being selected. Telerik's strength is in helping developers create elegant, custom user interfaces for their cloud, web-based and on-premise applications," said Phil Pead, Progress CEO.

The deal is expected to close in early December, subject to closing conditions. Progress expects to fund a portion of the purchase price with debt. Telerik founders and key management are expected to join Progress.