Progress Software Completes Acquisition of DataDirect
BEDFORD, MA (December 23, 2003) – Progress Software Corporation (Nasdaq: PRGS), a supplier of leading technology to develop, deploy, integrate, and manage business applications, today announced the completion of its acquisition of 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, for approximately $88 million in cash. The acquisition, which had been unanimously approved by the boards of directors of Progress Software and DataDirect Technologies, closed today following the completion of the usual regulatory approvals.
On December 5, Progress announced the signing of a definitive agreement to acquire DataDirect. With this acquisition, Progress adds DataDirect’s customers to its established base of tens of thousands of customers and partners worldwide who use PSC technology to deliver the world’s best business applications. DataDirect’s products are embedded in the products of over 250 top software companies and the applications of thousands of large enterprises, including 96 of the Fortune 100.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $700 million of capital under management. Golden Gate is dedicated to partnering with world class management teams to invest in change-intensive, growth businesses. They target investments of up to $100 million in situations where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide rage of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing. For more information, visit www.goldengatecap.com.
About DataDirect Technologies
DataDirect Technologies is the leading provider of components for connecting software to relational and XML data. Using standards-based technology, DataDirect Technologies’ components ensure consistent behavior and performance across diverse environments such as J2EE, .NET, Web and client/server. With the most comprehensive support for ODBC, JDBC, ADO.NET and XML, DataDirect Technologies helps developers bring software to market faster by speeding development, integration and deployment. For more information, visit www.datadirect.com.