PRGS - Progress Software Corp. Announcement under the Irish Takeover Rules | Benzinga
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT UNDER THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE "TAKEOVER RULES"). IT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER RULES. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY SUCH OFFER WILL BE MADE.
BURLINGTON, Mass., April 05, 2024 (GLOBE NEWSWIRE) -- As was announced on 26 March, 2024, Progress Software Corp. ("Progress") has expressed interest in acquiring MariaDB plc ("MariaDB"), via an announcement under Rule 2.4 of the Takeover Rules. Why do we believe this acquisition makes sense for Progress, for MariaDB customers and developers and for existing Progress customers and shareholders?
Why MariaDB and Progress Belong Together
We think that the best acquisitions are mutually beneficial for both organizations. In a new blog published today, John Ainsworth, our Executive Vice President and General Manager, Application and Data Platform, discusses the history of Progress in the database space and why we believe MariaDB makes for an ideal business candidate to be a part of Progress.
The Benefits of MariaDB Joining Progress
As a trusted provider of infrastructure software, our team believes the relational database management (RDBMS) product from MariaDB offers an attractive value proposition for our customers looking for a scalable, reliable open-source RDBMS and that we have a proven track record of both delivering mission-critical database management products and collaborating with and nurturing a vibrant open-source community.
A Strong Database Heritage
Progress was founded over 40 years ago with the goal of helping customers build mission-critical business applications with a platform that reduces complexity and provides the lowest total cost of ownership (TCO) in the industry. That platform, OpenEdge, remains a core pillar of our company.
OpenEdge customers include many companies that you would recognize. But you might not know that a significant portion of our customers are other software companies that have built their applications (and businesses) on our platform.
Our commitment to OpenEdge remains strong, with our latest long-term support (LTS) release, 12.8 being supported until 2030. We are also actively working on the innovation releases that will follow and enable our customers to meet pressing business challenges well into the future.
We are no strangers to the SQL world either. OpenEdge supports SQL in addition to ABL, and our DataDirect connectivity products set the standard for ODBC and JDBC connectivity, already embedded in many popular applications.
Deepening Our Data Capabilities in the Age Of AI
Last year, we added the MarkLogic Multi-Model Database to our portfolio, along with Semaphore, which extends our capabilities to include the management of documents, graphs, geospatial, time series and more. We believe that this combination of data platforms provides the means for our customers to embrace AI, leveraging private information with LLMs using Retrieval Augmented Generation (RAG).
We are convinced that MariaDB would be an excellent addition to the Progress portfolio, providing leading relational database capabilities to customers with applications built with a wide variety of languages and approaches.
The Ideal Long-Term Partner
Customer success, along with innovation and acquisition, is foundational to our strategy and is reflected by our high retention rates and customer satisfaction scores.
Our product commitment and customer relationships are measured not just in years, but in decades. We have ...