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.
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.