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.