Progress Software Announces Agreement to Sell Apama Solution to Software AG

  Progress Software Announces Agreement to Sell Apama Solution to Software AG

Business Wire

BEDFORD, Mass. -- June 13, 2013

Progress Software Corporation (NASDAQ: PRGS) today announced it has signed a
definitive agreement to sell its Progress^® Apama^® complex event processing
solution to Software AG. The terms of the transaction were not disclosed.

Phil Pead, Progress President and CEO, said, “After careful consideration, we
concluded that it is in Progress’ best interest to focus our business on
providing leading cloud and mobile application development technologies
through a single cohesive platform and to pursue the sale of the Apama
solution. The Apama target market, deployment and sales model differ
significantly from those of Progress’ application development platform and we
feel this agreement protects our customers’ existing investments in the Apama
solution.”

Dr. John Bates, Progress Chief Technology Officer and co-founder of Apama, who
is expected to join Software AG to lead the Apama business unit, 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.”

The transaction is subject to customary closing conditions and is expected to
be completed in Progress’ fiscal third quarter.

Pacific Crest Securities LLC is serving as Progress’ financial advisor with
respect to the transaction and Wilmer Cutler Pickering Hale and Dorr LLP is
serving as Progress’ legal counsel.

About Progress Software Corporation

Progress Software Corporation(NASDAQ: PRGS) is a global software company that
simplifies the development, deployment and management of business applications
on-premise or in the cloud, on any platform or device,to any data
source,with enhanced performance, minimal IT complexity and low total cost of
ownership. Progress Software can be reached atwww.progress.comor
1-781-280-4000.

Progress and Apama are trademarks or registered trademark of Progress Software
Corporation or one of its subsidiaries or affiliates in the U.S. and other
countries. Any other names contained herein may be trademarks of their
respective owners.

Forward-Looking Statements

This press release contains statements that are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Progress
has identified some of these forward-looking statements with words like
“believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,”
“plan,” “target,” “anticipate” and “continue,” the negative of these words,
other terms of similar meaning or the use of future dates. Forward-looking
statements in this press release include, but are not limited to, statements
regarding the proposed divestiture of Apama, including the expected timing for
completion of such divestiture and other statements regarding the future
operation, direction and success of Progress’s business. There are a number of
factors that could cause actual results or future events to differ materially
from those anticipated by the forward-looking statements, including, without
limitation Progress’s ability to complete the proposed product divestiture in
a timely manner, if at all, and disruption caused by the proposed divestiture
on relationships with employees, customers, ISVs, other channel partners,
vendors and other business partners. For further information regarding risks
and uncertainties associated with Progress’s business, please refer to
Progress’s filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the fiscal year ended November 30, 2012 as
amended, and Quarterly Report on Form 10-Q for the fiscal quarter ended
February 28, 2013. Progress undertakes no obligation to update any
forward-looking statements, which speak only as of the date of this press
release.

Contact:

Press Contact
Progress Software
Rick Lacroix, +1 781-280-4604
rlacroix@progress.com
or
Investor Contact
Progress Software
Tom Barth, +1 781-280-4135
tobarth@progress.com
 
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