Integration into Progress Responsive Process Management™
suite further enables operational responsiveness
BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS), a leading software provider
that enables enterprises to be operationally
responsive, announced today that it has
completed the acquisition of Corticon
Technologies, Inc., a privately held company headquartered in Redwood
City, California. Terms of the deal were not disclosed.
Corticon is recognized as a leading Business Rules Management System
(BRMS) vendor that enables organizations to make better, faster
decisions by automating business rules. The company's patented
"no-coding" rules engine automates sophisticated decision processes,
empowering organizations to increase efficiencies, operate more
responsively and reduce rule development and change cycles by 90 percent.
The Corticon® BRMS services and related products are used by
many of the world's largest financial services, insurance, and eCommerce
companies as well as federal and state government organizations,
collectively automating millions of decisions per day to improve
productivity and customer service. Corticon's model-driven approach also
makes rules accessible to business domain experts who can maintain them
directly, making rules easier to adapt to changing market conditions.
Dr.
John Bates, chief technology officer, Progress Software said:
"Within modern responsive businesses, the need to make informed and
accurate decisions ‘in the moment' is critical. High quality real-time
decisions are key to avoid fraudulent transactions, to comply with
complex and evolving regulations and to generally make the right
decision for the business at the right time. The acquisition of Corticon
reinforces Progress' commitment to deliver operational responsiveness by
helping customers build highly agile, responsive business systems with
models and tools that maximize simplicity and accelerate time-to-value."
Jo Lee Hayes, Senior Vice President of Enterprise Technology at Sallie
Mae noted: "Within our business processes, accurate real-time decisions
are key. Decision management, powered by the Progress
Responsive Process Management™ (RPM) suite, plays a
critical role in Sallie Mae's ability to deliver premier service and
value to our customers, and we're therefore thrilled about this
acquisition because Corticon provides a market-leading decision
management engine. Corticon provides easy-to-use tools that enable us to
model and change rules ourselves, its tools check the integrity of rules
before going live, thus optimizing performance while reducing the cost
of testing and the risk of run-time problems."
Dr.
Mark Allen, founder and former chief executive officer of Corticon,
now a member of the office of Progress' CTO, added: "The Corticon
Business Rules system is a perfect complement to the Progress RPM®
suite. Corticon worked hard to maintain our position as a leader in the
BRMS space. However, for emerging use cases, rules alone are sometimes
not enough; to meet the holistic needs of customers, a number of
technology areas need to converge. Many of our customers integrate rules
alongside their BPM and SOA projects. Our combined expertise uniquely
positions Progress to facilitate a truly responsive business."
Corticon products will be integrated into the Progress RPM suite, which
combines Business
Process Management (BPM), Complex Event Processing (CEP), Business
Transaction Assurance (BTA), and Business Analytics through the Progress
Control Tower® product. The Progress® Corticon
BRMS offering will enhance business decision making for all enterprises.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is an independent
enterprise software company that enables businesses to be operationally
responsive to changing conditions and customer interactions as they
occur — to capitalize on new opportunities, drive greater efficiencies
and reduce risk. The company offers a comprehensive portfolio of
best-in-class enterprise software spanning event-driven visibility and
real-time response, open integration, data access and integration, and
application development and deployment — all supporting on-premises and
SaaS/Cloud deployments. Progress maximizes the benefits of operational
responsiveness while minimizing IT complexity and total cost of
ownership. Progress can be reached at www.progress.com
or +1-781-280-4000.
Safe Harbor Statement
Except for the historical information and discussions contained herein,
statements contained in this release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements involve a number of risks,
uncertainties and other factors relating to the acquisition of Corticon
that could cause actual results to differ materially, including but not
limited to the following: the effects of disruption from the acquisition
of Corticon making it more difficult to maintain relationships with
employees, licensees, other business partners or governmental entities;
other business effects, including the effects of industry, economic or
political conditions outside of Progress Software's or Corticon's
control; transaction costs; actual or contingent liabilities;
uncertainties as to whether anticipated synergies from the acquisition
will be realized; and uncertainties as to whether Corticon's business
will be successfully integrated with Progress Software's business. For
further information regarding risks and uncertainties associated with
the company's business, please refer to the company's filings with the
Securities and Exchange Commission.
Corticon, Progress, Progress Responsive Process Management, Progress
Control Tower, and Progress RPM are trademarks or registered trademarks
of Progress Software Corporation or one of its subsidiaries or
affiliates in the U.S. and other countries. Any other marks contained
herein may be trademarks of their respective owners.
Progress Software
Colleen Sheehan, +1 781-280-4326
csheehanatprogress.com
On
Twitter: @ProgressSW
or
LEWIS
PR
Kim Karelis, +1 617-226-8844
progresssoftware@lewispr.com
Source: Progress Software
News Provided by Acquire Media
