Progress Software Corporation, a supplier of leading technology to develop, deploy, integrate and manage business applications, has agreed to acquire substantially all the assets and certain subsidiaries of DataDirect Technologies Limited, a privately held company specializing in standards-based data access components for software developers. The purchase price, net of cash and subject to certain balance sheet adjustments as of closing, is approximately $88 million in cash. The new business is expected to be immediately cash flow positive, dilutive to earnings in the first year and accretive thereafter. Excluding amortization of purchased intangibles and one- time acquisition-related charges, the acquisition is expected to be immediately accretive.
"Progress Software Corporation is committed to leadership in all the markets it serves," said Joseph Alsop, CEO of Progress Software. "DataDirect adds another profitable market leader that is complementary to our existing lines of business. It also reinforces our technology leadership, which is the backbone of our success."
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