Progress Software Corp. (PRGS) announced an agreement to sell its Progress Apama complex event processing solution to Software AG (STWRY.PK). The terms of the transaction were not disclosed. The company concluded that it is in Progress' best interest to focus business on providing leading cloud and mobile application development technologies through a single cohesive platform and to pursue the sale of the Apama solution.
Phil Pead, Progress President and CEO, said, "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."
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