BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS) today announced it has signed a
definitive agreement to sell its Progress® Apama®
complex event processing solution to Software AG. The terms of the
transaction were not disclosed.
Phil Pead, Progress President and CEO, said, "After careful
consideration, we concluded that it is in Progress' best interest to
focus our business on providing leading cloud and mobile application
development technologies through a single cohesive platform and to
pursue the sale of the Apama solution. The Apama target market,
deployment and sales model differ significantly from those of Progress'
application development platform and we feel this agreement protects our
customers' existing investments in the Apama solution."
Dr. John Bates, Progress Chief Technology Officer and co-founder of
Apama, who is expected to join Software AG to lead the Apama business
unit, said, "Progress and Software AG are committed to ensuring a smooth
transition for our Apama customers and employees around the world and
will provide customers with uninterrupted support and continued platform
development."
The transaction is subject to customary closing conditions and is
expected to be completed in Progress' fiscal third quarter.
Pacific Crest Securities LLC is serving as Progress' financial advisor
with respect to the transaction and Wilmer Cutler Pickering Hale and
Dorr LLP is serving as Progress' legal counsel.
About Progress Software Corporation
Progress
Software Corporation (NASDAQ: PRGS) is a global software company
that simplifies the development, deployment and management of business
applications on-premise or in the cloud, on any platform or device, to
any data source, with enhanced performance, minimal IT complexity and
low total cost of ownership. Progress Software can be reached at www.progress.com or
1-781-280-4000.
Progress and Apama are trademarks or registered trademark of Progress
Software Corporation or one of its subsidiaries or affiliates in the
U.S. and other countries. Any other names contained herein may be
trademarks of their respective owners.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Progress has identified some of these forward-looking
statements with words like "believe," "may," "could," "would," "might,"
"should," "expect," "intend," "plan," "target," "anticipate" and
"continue," the negative of these words, other terms of similar meaning
or the use of future dates. Forward-looking statements in this press
release include, but are not limited to, statements regarding the
proposed divestiture of Apama, including the expected timing for
completion of such divestiture and other statements regarding the future
operation, direction and success of Progress's business. There are a
number of factors that could cause actual results or future events to
differ materially from those anticipated by the forward-looking
statements, including, without limitation Progress's ability to complete
the proposed product divestiture in a timely manner, if at all, and
disruption caused by the proposed divestiture on relationships with
employees, customers, ISVs, other channel partners, vendors and other
business partners. For further information regarding risks and
uncertainties associated with Progress's business, please refer to
Progress's filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the fiscal year ended
November 30, 2012 as amended, and Quarterly Report on Form 10-Q for the
fiscal quarter ended February 28, 2013. Progress undertakes no
obligation to update any forward-looking statements, which speak only as
of the date of this press release.
Press Contact
Progress Software
Rick Lacroix, +1
781-280-4604
rlacroix@progress.com
or
Investor
Contact
Progress Software
Tom Barth, +1 781-280-4135
tobarth@progress.com
Source: Progress Software Corporation
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