Summit offloads Telerik to Progress for $262.5m

According to Progress, the acquisition will allow the listed-company to establish a comprehensive cloud platform, allowing developers to create personalised user experiences.

Previous funding
Summit acquired a minority stake in Telerik in October 2008. According to Summit, the company has witnessed fivefold revenue growth since the GP invested.

Company
Established in 2002 and based in Sofia, Bulgaria, Telerik comprises a portfolio of software tools designed for web developers, including a .net toolbox, a content management system and a software platform. Its products focus on developing applications for the cloud, mobile and desktop.

According to Progress, Telerik generated revenues of $60m over the past 12 months. Around 130,000 customers from 60,000 organisations across 94 countries use Telerik products, including 450 of the Fortune 500, as well as academic institutions, governments and non-profits.

People
Vassil Terziev is co-CEO and co-founder of Telerik. Phil Pead is CEO of Progress.

Advisers
Company – Lazard Freres & Co (Financial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• CEE
• Exits
• Summit Partners
• Bulgaria