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Progress Software (PRGS) To Sell Software Product Lines To UK-Based Micro Focus

 December 24, 2012 07:34 AM
 


(By Balachander) Progress Software Corp. (NASDAQ: PRGS) has agreed to sell its Orbix, Artix and Orbacus software product lines to UK-based Micro Focus International Plc for $15 million.

Bedford, Massachusetts-based Progress Software said the sale will enable the company to complete the divestiture of its 10 non-Core product lines ahead of schedule.

The product lines were originally acquired by Progress as part of its acquisition of IONA Technologies Plc.

Micro Focus expects the acquisition to add its earnings in the current and future financial years.

The FTSE 250 member also expects the acquisition to contribute a minimum of $4 million of revenue in the period from completion to 30 April 2013.

[Related -Futures Rise Amid Spending, Jobless Data; Progress Software Corporation (PRGS) Gains]

Orbix and Micro Focus' Visibroker address the issues faced by customers in passing information securely and efficiently between applications and tend to be deployed in large mission critical networks, the UK company noted.

Orbacus is a source available CORBA 2.6 implementation and designed for rapid development, deployment and support and its small footprint allows it to be easily embedded into memory constrained applications. Artix is an Extensible Enterprise Service Bus (ESB) for the deployment, management and securement of a Service-Oriented Architecture. 

The deal is expected to close in January 2013.

Pacific Crest Securities LLC is serving as Progress' financial advisor with respect to the deal.

PRGS shares ended at $21.40 on Friday.

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