Progress Software announces intention to acquire Bulgaria’s Telerik

The United States’s Progress Software Corporation has announced that it has entered into a definitive agreement to acquire privately held Bulgarian fim Telerik AD, a leading provider of application development tools, for $262.5 million.

Telerik enables its 1.4 million strong developer community to create compelling user experiences across cloud, web, mobile and desktop applications, a media statement by Progress Software said.

Telerik’s revenue for the past 12 months was more than $60 million, with annual bookings growth of more than 20 per cent. Progress expects the addition of Telerik to be slightly accretive on a Non-GAAP basis in the first year following the acquisition, the statement said.

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(Screenshot from Telerik’s website)