Progress Software acquires Savvion

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Progress Software acquires Savvion
Santa Clara: Progress Software, a software provider that enables enterprises to be operationally responsive has acquired Savvion, a privately held business enterprise software company based in Santa Clara, California, for approximately $49 million, net of cash acquired. Savvion is a provider of Business Process Management (BPM) technology with 15 years of market experience. The company offers a comprehensive, standards-based BPM suite that helps more than 300 of the world's top-performing companies; including 24 of the 'Fortune 100' - automate and continuously improve critical business processes. Richard D. Reidy, President and CEO, Progress Software said, "We believe that achieving operational responsiveness has become a business imperative, enabling businesses to achieve the highest level of operational performance. Our acquisition of Savvion enhances our goal to provide unprecedented business visibility, responsiveness and business process improvement, coupled with the highest degree of data integrity and integration." The combination of Progress Software's Business Event Processing (BEP), Business Transaction Assurance (BTA) and Integration portfolio, coupled with the Savvion BPM suite better enables enterprises to achieve the highest levels of operational responsiveness. With this set of solutions, enterprises can ensure efficient execution of business processes by detecting system bottle-necks through visibility into process transactions and resolving, capture, analyze and respond to opportunities and threats to the business through business event processing in real-time, easily integrate existing disparate systems and processes; and achieve end-to-end business process visibility to detect and resolve any system bottlenecks and exceptions ensuring every business process is completed successfully. Dr. M. Ketabchi, President, CEO and Founder, Savvion, said, "Today, many large enterprises, primarily in telecommunications, financial services, manufacturing, and government are using our innovative and robust technology. We are delighted that Savvion customers will now have access to all the complementary, best-in-class products that Progress Software offers." In connection with the acquisition, Progress expects to issue equity awards consisting of an aggregate of approximately 110,000 shares to six Savvion employees who have joined Progress as part of the acquisition. These awards will consist of a combination of options to purchase Progress common stock and restricted stock units. The awards will be made pursuant to Progress' 2004 Inducement Stock Plan and are subject to the approval of the Compensation Committee of Progress' Board of Directors. Progress may issue additional equity awards in the future to other Savvion employees who have joined Progress as part of the acquisition.

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