Application infrastructure software provider Progress Software Corporation, which has its India operations based out of Hyderabad, has acquired Savvion Inc, a California-based business enterprise software developer, for $49 million (approximately Rs 225 crore).
“Our acquisition of Savvion enhances our goal to provide unprecedented business visibility, responsiveness and business process improvement, coupled with highest degree of data integrity and integration,” Rick Reidy, president and chief executive of Progress Software, stated in a press release on Tuesday.
Progress Software, which employs 1,800 globally, has a workforce of 250 in Hyderabad. It has invested $10 million (around Rs 46 crore) in its Hyderabad facility over the last five years.
The company has revised its business outlook, reflecting the anticipated impact from the acquisition of Savvion. It expects its GAAP (generally accepted accounting principles) revenues to be in the range of $538 million (Rs 2,474crore) to $548 million (Rs 2,520 crore) for the fiscal ending November 30, 2010.
Progress Software expects to issue aggregate of approximately 110,000 equity shares to six Savvion employees, who have joined Progress as part of the acquisition.
