Progress Software Corpo. (PRGS) said Wednesday that it has agreed to buy privately held Telerik AD, a provider of application development tools, for $262.5 million.
Telerik enables its 1.4 million strong developer community to create compelling user experiences across cloud, web, mobile and desktop applications. Telerik's revenue for the last twelve months was over $60 million, with annual bookings growth of over 20%.
Progress expects the addition of Telerik to be slightly accretive on an adjusted basis in the first year following the acquisition.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.