AUBG Alumni Duo Conduct “Sale of the Year”October 23, 2014
The US-based corporation Progress Software has agreed to acquire Telerik, the brainchild of two AUBG alumni, Vasil Terziev and Svetlozar Georgiev, who are also the CEOs and founders Telerik. According to the Wall Street Journal, Progress Software will pay $263 million for the acquisition.
The deal will “bring together two complementing companies,” according to Terziev and Georgiev. Together they will form a comprehensive cloud platform and an on-premise platform that will allow the development of applications for all types of digital devices and cloud technology. The combined product will offer a highly customizable user interface and the ability to connect to multiple sources of data.
Progress Software is a global software company that facilitates the development, implementation, and management of cloud and local business applications for all platforms. It thus improves client productivity and simplifies complex IT technologies. Over 4 million users and 47,000 companies in 175 countries utilize the products of Progress Software while Telerik boasts over 1.4 million developers and provides service to 450 of the Fortune 500 companies. According to Progress Software, the income of Telerik exceeded $60 million last year. The acquisition will transform Progress Software into one of the largest software developers in the world.
Terziev and Georgiev, who graduated from AUBG with degrees in Business Administration, founded Telerik 12 years. The company currently operates with 650 employees in its global offices in Canada, the UK, Germany, Australia, and India, and its customers include big corporate names like Boeing, Intel, HP, NASA, the World Bank, and the US military.
Telerik is also famous for its training academy for IT programmers. It strives to initiate children into the world of programming and has created specialized courses for them. The company also currently employs many AUBG graduates, and both founders are grateful to the university for equipping them with the knowledge and skills to constantly succeed and improve. As Georgiev says, “At AUBG you are taught to be an entrepreneur from Day One. The University helps you help yourself.”
The acquisition will be finalized at the beginning of December, and afterwards, Terziev, Georgiev, and their managerial team will join Progress Software. “As part of Progress,” says Terziev, “we will additionally develop our corporate and cloud services and will continue redefining contemporary application programming. We expect this new chapter to drastically speed up our growth and to provide ever greater opportunities to the employees, clients, and partners of Telerik and Progress.”
Story by Yoana Savova