Progress, announced today that it has completed its acquisition of Telerik AD, a provider of tools and technologies to address the entire application development lifecycle. Through this acquisition, Progress will now provide comprehensive cloud and on-premise platform offerings that enable developers to rapidly create beautiful applications, driven by data for any web, desktop or mobile platform. The acquisition builds on Progress’ strong heritage of enabling developers to rapidly create data-driven, device and platform agnostic applications.

Progress acquired Telerik for an aggregate purchase price of approximately $262.5 million. Progress funded the purchase price from a combination of existing cash resources and a $150 million term loan, which is part of a new $300 million term and revolving credit facility with JPMorgan Chase Bank, N.A. and a syndicate of other lenders. In addition, a portion of the purchase price payable to Telerik’s founders and certain other key employees is payable in restricted stock units, subject to a vesting schedule and continued employment.

Developer-Driven Products
Telerik, which will be known as Telerik: a Progress Company, has been at the forefront of innovation for more than twelve years, enabling developers at more than 450 of the Fortune 500 to deliver best-in-class web, desktop and mobile applications. Customers that deploy Telerik tools and technologies in combination with Progress solutions for development, deployment and integration will benefit from app dev support, at every level—from a clean UI to data integration and cloud services—across .NET, JavaScript, NodeJS, and ABL.

Adding Telerik® products to the Pacific™ Platform as a Service (PaaS) will enable Progress to create a very powerful developer experience, not only by offering tools to build highly customized user interfaces, but also to help relieve the complexity of managing back-end services. Telerik’s cloud-based mobile application development platform, which has been named to the “Visionary” category of Gartner’s Magic Quadrant for Mobile Application Development Platforms, strongly complements Progress’ Rollbase® and Modulus™ product offerings, providing a full lifecycle industry-best mobile application development platform for JavaScript developers.

Progress Further Enhances Visionary Leadership Team
In addition to a synergistic product portfolio, the acquisition combines two talented teams of industry visionaries. Under the leadership of CEO Phil Pead, Progress has appointed several Telerik executives to senior-level positions. Telerik co-CEO and co-founder, Vassil Terziev has become Chief Innovation Officer, and co-CEO and co-founder Svetozar Georgiev has become Senior Vice President of Application Platforms for the Application Development and Deployment business unit. Dimitre Taslakov, Chief Talent Officer for Telerik, will become Chief Talent Officer for the overall Progress business. All three individuals will serve on the company’s executive committee.