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.
Upon completion of the transaction, which is expected to occur in September pending regulatory approval in the U.S., IONA shareholder approval and issuance of an order by the Irish High Court, IONA would become an indirect wholly owned subsidiary of Progress Software, according to Progress Software.
The combination of Progress Software and IONA creates an industry choice for independent, heterogeneous service-oriented architecture (SOA) infrastructure. IONA products complement the Progress SOA Portfolio with a variety of heterogeneous technology deployment options and interoperability. And IONA brings an experienced team to Progress that has built a reputation with Global 2000 enterprises for addressing complex integration challenges.
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