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Progress Software Selling Apama Solution

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Believing it should have a single, cohesive platform for the development of cloud and mobile application development technologies, Progress Software (NASDAQ: PRGS  ) announced this morning it was selling its Apama complex event processing solution to Software AG for an undisclosed sum.

Apama is one of the leading platforms in capital markets for building high-frequency trading applications that allows business events to be correlated and analyzed across multiple data streams in real-time.

Progress said the Apama platform held significant differences from its own application development software, particularly in terms of the target market, deployment, and sales model. By divesting itself of the platform, the investment made by Apama's customers will be protected.

Progress's Chief Technology Officer and Apama Co-Founder Dr. John Bates said: "Progress and Software AG are committed to ensuring a smooth transition for our Apama customers and employees around the world and will provide customers with uninterrupted support and continued platform development."

Bates is expected to join Software AG to lead the Apama business unit. Progress expects the transaction to be completed in its fiscal 201 third quarter.

Pacific Crest Securities is serving as Progress's financial advisor, and Wilmer Cutler Pickering Hale and Dorr is serving as Progress' legal counsel.

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Rich Duprey

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.


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Related Tickers

10/9/2015 3:59 PM
PRGS $23.78 Up +0.08 +0.34%
Progress Software… CAPS Rating: **