June 25, 2008 - Progress Software Corporation, a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, and IONA Technologies plc, a supplier of software integration technology, signed a definitive agreement under which Progress Software agreed acquire IONA for $4.05 per share in cash.

The per share cash amount represents a total equity value of approximately $162 million and approximately $106 million net of cash and marketable securities reported on March 31, 2008. The IONA Technologies Board of Directors unanimously approved the transaction and each IONA Technologies director entered into an agreement to vote in favor of the transaction.

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