Progress Software Corporation, a US based public company (NASDAQ: PRGS) has reportedly entered into an agreement to acquire Telerik, a leading .NET component development company for an amount of $262.5 million.
As per reports coming in, the sale is not yet finalized and Progress has only expressed intent. However, Telerik is keen to proceed as it benefits their long customer base. The acquisition is expected to be completed in December first week, which depends upon regulatory consents and satisfaction of other customary closing conditions.
The founders, top level management and existing staff members of Telerik will join the payrolls of Progress as soon as the deal is completed. Telerik has appointed Lazard Freres & Co LLC as their financial advisor to assist the work related to merger.
“The combination of Progress and Telerik will create a comprehensive cloud and on-premise platform offering that enables developers to rapidly create beautiful applications driven by data for any device or cloud,” said Phil Pead, Progress CEO.
Telerik launched its business with the release of RadControls for ASP.NET, which I reviewed for ASPAlliance 10 years back. Telerik also launched RadControls for WinForms and Telerik Reporting in addition to component suites for Ajax, Silverlight and Windows Phone.
“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 in an official press release.
“Our UI libraries, productivity tools, data tools and more will continue to receive the kind of rapid innovation and updates you’ve come to expect from Telerik,” said Todd Anglin, EVP, Product Strategy, Telerik.
Telerik is slated to release three major products as per the below timelines
- Telerik DevCraft Q3 2014 release ships next week (October 27)
- Kendo UI Q3 2014 ships mid-November (beta by the end of October)
- Telerik Platform will be shipping some MAJOR enhancements in December
According to official sources, there will no major changes as a result of the merger of Telerik with Progress. Developers will be able to download software relevant to their subscription using the same credentials from the official website of Telerik.
“Our 1.4 million developers and 130,000 companies depend on Telerik day in and day out to get their jobs done as effectively as possible and we treat your investment and trust very seriously. You can expect the same level of relentless focus and passion we have always delivered. We are here to stay and will continue to be your trusted partner and enable you to develop the greatest experiences possible for your customers,” said Svetozar Georgiev and Vassil Terziev, Founders, Telerik in an official blog post.
TechCruch reports that Progress has been not doing well in business for some time. Hence, the company is involved in buying profitable companies which create tools for responsive UI development. In June 2013, Progress acquired Platform as a Service Provider, Rollbase. They recently purchased Modulus, a company involved with Node.js development.
Progress Software has arranged a conference call on Wednesday, October 22, 2014 at 11:00 AM ET. You can download an archived version of the call along with relevant materials from the official website of Progress.