BEDFORD — Progress Software Corp. said it has agreed to buy privately-held Telerik AD, a Bulgaria-based provider of application development tools, for $262.5 million.
In a press release, Progress officials said the deal will create a comprehensive cloud and on-premise platform offering that enables developers to rapidly create applications driven by data for any device or cloud. They said the combined offering will also enable developers to create highly personalized user experiences, powerful applications and connections to multiple data sources without being limited by cloud or device.
“Telerik’s strength is in helping developers create elegant, custom user interfaces for their cloud, web-based and on-premise applications,” said Progress CEO Phil Pead, in a statement. “Building applications today is truly complex.”
The acquisition is expected to close in early December, subject to obtaining regulatory consents and satisfaction of other customary closing conditions.
Progress said the addition of Telerik is expected to be slightly accretive on a Non-GAAP basis in the first year following the acquisition.
Telerik’s revenue for the last 12 months was more than $60 million.
Progress makes software for application development, software as a service and other applications. It posted revenues of nearly $334 million for its most recent fiscal year, which ended in December.
Shares of Progress were trading at $25.07, down 49 cents, as of about 1:15 p.m.
