Summit Backs Telerik

Telerik, a Sofia, Bulgaria-based provider of software development tools and components, has raised an undisclosed amount of private equity funding from Summit Partners. The company has a U.S. office in Newton, Mass., and was founded in 2002.

 

PRESS RELEASE

Telerik, a leading vendor of software tools and components which allow developers to rapidly build cutting-edge web and desktop applications, today announced that it has received an investment from Summit Partners, a private equity and venture capital firm that has raised more than $11 billion since inception. The investment will be used to fund both organic growth and acquisitions.

 

Founded in 2002, Telerik offers a dynamic portfolio of products which can be used to build powerful web and desktop applications that are run using the latest Microsoft technologies, such as ASP.NET, Windows Forms, Windows Presentation Foundation, and Silverlight.  Building on the company’s expertise in interface development and Microsoft frameworks, Telerik’s software helps customers build applications with unparalleled richness, responsiveness and interactivity?quickly and inexpensively. 

  

Telerik also provides Sitefinity, a rapidly growing web content management system that substantially reduces the amount of time required to produce and manage websites, portals, and intranets. 

 

More than 20,000 organizations in more than 70 countries — including Fortune 500 companies such as Vodafone, Citigroup, Kodak, and Nike, as well as renowned educational, governmental and not-for-profit institutions including NASA, The World Bank, and Harvard University — rely on Telerik’s products.

  

Telerik has won numerous technical and business awards. The company was named to the Red Herring 100 list for Europe in 2008, and was recognized as the Best Employer in Bulgaria for small to medium sized companies by Hewitt Associates. 

  

Vassil Terziev, Co-founder and Co-CEO of Telerik, said, “Telerik has been 100 percent employee-owned and profitable throughout our rapid growth. The decision to raise outside capital was an important and strategic move for Telerik, and we believe that Summit will assist us in achieving even greater results.”  Svetozar Georgiev, Telerik’s Co-founder and Co-CEO, added, “With Summit’s strategic guidance and global network of contacts, we are now uniquely positioned to expand Telerik’s product offering and achieve continued optimal growth — allowing us to become the sole source of a software developer’s needs.”

  

Tom Jennings, a Managing Director with Summit Partners, said, “We have been impressed by Telerik’s track record and exceptional management team, as well as  the company’s unwavering focus on delivering technologically innovative and reliable products to developers.” “Summit has a twenty-year track record of investing in software companies, and Telerik shares many attributes that have helped other companies become market leaders. We look forward to working with the management team to help Telerik achieve even greater success.”  

 

About Telerik

 

Telerik (www.telerik.com) provides the leading suite of software tools for developers building applications using Microsoft technologies. The company’s development tools and components are used by software developers from most of the Fortune 2000 companies, many of the world’s leading educational and non-profit organizations and thousands of consultants. Telerik also provides Sitefinity, a rapidly growing web content management system that substantially reduces the amount of time required to produce and manage websites, portals, and intranets.   

 

Telerik’s global customer base relies on its award-winning products to build applications with unparalleled richness, responsiveness and interactivity. Telerik is headquartered in Sofia, Bulgaria and its US division is based in Newton, Massachusetts 

 

About Summit Partners

 

Summit Partners (www.summitpartners.com) provides private equity and venture capital for growth companies. Founded in 1984, Summit has raised more than $11 billion in capital and has provided equity, recapitalization, and management buyout financing to more than 300 growing companies across a range of industries. These companies have completed nearly 125 public offerings and more than 110 have been acquired through strategic mergers and sales. Summit Partners has offices in Boston, Palo Alto, and London.

 

Summit Partners works with outstanding management teams that have self-financed their companies to profitability and market leadership. Summit’s notable software investments include AvePoint, Hyperion Software, McAfee, OPNET Technologies, Postini, RightNow Technologies, SafeBoot, and Sybari Software.