Telerik acquired by Progress Software for $262.5 million

In a deal today involving two companies with links to the Boston area, Progress Software, which helps companies build business software, announced it was buying Telerik for $262.5 million. Telerik’s portfolio includes a .net toolbox, a mobile development platform and a CMS called Sitefinity, as well as access to a developer community of over 1.4 million people.

Progress Software Corp. agreed to acquire privately held Telerik AD for $263 million, a deal the company says will allow it to form a comprehensive cloud platform for developers to create applications for any device. The business-software company, which makes software for developing and managing business applications, has been aiming to transform itself into a preferred destination for application developers. Progress said Telerik had revenue of more than $60 million over the past 12 months and annual bookings growth of over 20%. The company expects the deal, which is seen closing in December, to boost its earnings slightly in the first year. Telerik’s founders and key management will join Progress.

Categorized as Technology

By Sal McCloskey

+Sal McCloskey is a tech blogger in Los Angeles who (sadly) falls into the stereotype associated with nerds. Yes, he's a Star Trek fan and writes about it on Uberly. His glasses are thick and his allergies are thicker. Despite all that, he's (somehow) married to a beautiful woman and has 4 kids. Find him on Twitter or Facebook,

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