Announces Divestiture of ObjectStore and Completion of Majority of
Planned Divestitures
BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS), a global software company that
simplifies and enables the development and deployment of business
applications, today announced that Melissa H. Cruz, the company's
Senior Vice President, Finance and Administration and Chief Financial
Officer, has informed the company that she has decided to retire in 2013
for personal reasons. Ms. Cruz will continue in her current role until
her successor is named and will remain available to the company as long
as necessary in order to ensure a smooth transition.
The Company is initiating a search process.
Additionally, Progress Software announced that it has completed the
divestiture of its Sonic, Savvion, Actional and DataXtend product lines
to Aurea Software, Inc., a newly formed operating subsidiary of ESW
Capital, the investment arm of Trilogy Enterprises. As part of the same
closing, Progress Software divested its ObjectStore product line to a
separate operating subsidiary of ESW Capital. With the completion of
these divestitures, the only remaining product line to be divested is
Orbix (consisting of Orbix, Artix and Orbacus).
Quotes:
Phil
Pead, President and CEO, Progress Software
"I want to thank Melissa for her outstanding contributions to Progress
Software during her time here, particularly in helping the company
execute on the key elements of our strategic plan and fiscal 2013
planning. As our CFO, she strengthened our Finance and Accounting
group's capabilities and has been instrumental in the company's
restructuring of its operations and resulting changes in financial
reporting. Melissa's early notification of her retirement plans will
enable us to implement an orderly and efficient transition of her
responsibilities to her successor."
Melissa Cruz, Senior Vice President, Finance & Administration and
Chief Financial Officer, Progress Software
"My decision to retire was a difficult one but I am grateful for the
opportunities Phil and the Board of Directors have given me during my
time here. I feel fortunate to have been a part of the company's ongoing
transition as it successfully executes on its strategic plan. My
decision to retire was precipitated by some personal health issues that
I experienced recently. I am confident in the Company's business
strategy, Phil's leadership and the Company's prospects for growth and
value creation."
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) simplifies the development,
deployment and management of business applications on-premise or on any
Cloud, on any platform and on any device with minimal IT complexity and
low total cost of ownership. Progress Software can be reached at www.progress.com
or 1-781-280-4000.
Follow Progress Software on Twitter: @ProgressSW
Investor Contact:
Progress Software
Tom Barth, +1 781
280 4135
tobarth@progress.com
or
Press
Contact:
LEWIS PR
Claire Rowberry, +1 617 226 8841
progresssoftware@lewispr.com
Source: Progress Software Corporation
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