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Progress Software to acquire Summit Partners-backed Telerik for $262.5 mln

Progress Software Corp. has agreed to buy Telerik AD in a deal valued at $262.5 million. Summit Partners is the seller.

Telerik, of Sofia, Bulgaria, provides application development tools. Summit Partners invested in Telerik in September 2008.

Lazard Freres & Co provided financial advice to Telerik in the sale to Progress Software. The deal is expected to close in early December. After the closing, Telerik’s founders and management will join Progress.

Telerik generated over $60 million in revenue during the last 12 months, a statement announcing the acquisition said.

Bedford, Mass.-based Progress provides software that aims to simplify the development and deployment of business applications.

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