With investment of US$ 355 million, company adds NoSQL database and semantic metadata management to its industry-leading product portfolio and reinforces its total growth strategy
Progress, a provider of infrastructure and application development software, announces a definitive agreement to acquire MarkLogic, a leader in complex data and metadata management and a portfolio company of Vector Capital. Upon completion of the transaction, expected earlier this year, MarkLogic is expected to reinforce Progress' commitment to providing the best products to develop, deploy and manage high-impact applications, providing a unified enterprise-grade semantic data platform. that empowers customers to derive value from complex data.
Subject to compliance with the terms and conditions set forth in the definitive agreement, Progress is expected to acquire MarkLogic for US$ 355 million. When completed, the acquisition is expected to add over US$ 100 million in annual revenue and contribute strong cash flows, creating significant value for Progress shareholders.
“The key to any company's success is its ability to address complex data challenges through informed decision-making. To do this effectively, users must turn data into actionable insights – and that's what MarkLogic delivers,” said Yogesh Gupta, CEO of Progress. "Progress' digital experience and infrastructure software products, along with MarkLogic products, will create an unparalleled platform, providing customers with access to an increasingly complete offering to drive business success."
MarkLogic offers a best-in-class proprietary multi-model NoSQL database, along with robust semantic metadata management and AI capabilities, complementing Progress' product portfolio. MarkLogic also aligns with Progress' total growth strategy, adhering to the company's disciplined acquisition criteria, delivering scale, a strong recurring revenue model and products with high customer retention. The acquisition is also expected to provide an opportunity for Progress to leverage its highly disciplined operating model and infrastructure to maximize efficiency.
“I am extremely proud of what our team at MarkLogic has accomplished since acquiring Vector Capital – from major product launches and customer wins to acquiring Smartlogic,” said Jeffrey Casale, CEO of MarkLogic. “As part of a larger, well-established organization, I am confident that our team will thrive with new opportunities for professional development and innovation, and our customers will have access to a broad portfolio of products that will enhance their digital experiences and elevate their ability to manage infrastructure".
