BEDFORD, Mass.--(BUSINESS WIRE)--Progress (NASDAQ: PRGS) today announced it has acquired Kinvey, a privately-held company based in Boston and leader in Backend as a Service (BaaS) technology. This acquisition is a key part of the Progress strategy to provide the best platform to build and deliver modern cognitive-first applications. Today’s news comes on the heels of the company’s acquisition in March of machine learning and predictive analytics vendor, DataRPM.
“Kinvey was an early pioneer in the BaaS space and brought to market a leading-edge solution that enables developers to operate a serverless and compliant cloud backend for any native, hybrid, web or IoT app,” said Yogesh Gupta, CEO, Progress. “By bringing together Kinvey’s leading Backend as a Service with our front-end development, predictive analytics and data connectivity technologies, we are doing something unique; we are offering customers the only complete, open stack for building and deploying cognitive applications.”
Kinvey is used by organizations across industries to build and deploy modern applications including, Schneider Electric, VMware, Bell and Howell, and Thomas Jefferson University and Jefferson Health. From mission-critical consumer and business experiences for global insurance, manufacturing and media companies, to HIPAA-compliant and life-critical apps for healthcare, health implant manufacturers and pharma, Kinvey powers more than 31,000 apps, used by more than 100 million end-users. Kinvey’s BaaS serves more than 10 billion API calls a month and was named a leader and top ranked in the current offering category in “The Forrester Wave™: Mobile Development Platforms, Q4 2016.”
Progress was recently named a Leader in the Gartner Magic Quadrant for Mobile App Development Platforms. By pairing Kinvey’s best-of-breed backend platform with Progress’ front-end technologies, including NativeScript, Kendo UI and Telerik, plus predictive analytics, rules engine, and data connectivity technologies, Progress now provides the best end-to-end solution to build and deliver mission-critical applications. Kinvey’s strength in compliance, security, performance, reliability and scalability make it consistent with Progress’ continued focus on mission-critical business applications. The integration of Kinvey with Progress’ NativeScript and DataDirect data connectivity products is generally available today.
“Using Kinvey as our backend platform and Progress frontend tools like Kendo UI, we have transformed our construction management process from paper to 100% digital,” said Bryant King, Chief Information Officer, Holder Construction. “Given that we’re a customer of both already, the combination of Kinvey and the Progress stack makes perfect sense. Progress is bringing the right technologies to help us continue to deliver the mission-critical information and resources necessary to keep pace with an ever-changing business environment.”
“The acquisition of Kinvey adds a key strength to Progress’ app development portfolio,” said Denise Lund, research director, Enterprise Mobility at IDC. “Together with its DataRPM assets, Progress is quickly becoming a formidable competitor in the intelligent apps development market.”
“At Kinvey, we pride ourselves on providing an unparalleled developer and operational experience for building and deploying modern applications, while staying ahead of the feature curve to support our customers as they think of innovations for their digital business,” said Sravish Sridhar, Founder & CEO, Kinvey. “Cognitive-first is the future of new application experiences, and we are thrilled to join Progress as a core component of their leading product portfolio for delivering on this future for our customers.”
Progress acquired Kinvey for a purchase price of $49 million in cash.
Wilmer Cutler Pickering Hale and Dorr LLP served as Progress' legal counsel and Cooley LLP served as Kinvey’s legal counsel with respect to the transaction. Union Square Advisors LLC served as Kinvey’s financial advisor with respect to the transaction.
Additional Resources
About Progress
Progress (NASDAQ: PRGS) offers the leading
platform for developing and deploying mission-critical business
applications. Progress empowers enterprises and ISVs to build and
deliver cognitive-first applications, that harness big data to derive
business insights and competitive advantage. Progress offers leading
technologies for easily building powerful user interfaces across any
type of device, a reliable, scalable and secure backend platform to
deploy modern applications, leading data connectivity to all sources,
and award-winning predictive analytics that brings the power of machine
learning to any organization. Over 1,700 independent software vendors,
80,000 enterprise customers, and 2 million developers rely on Progress
to power their applications. Learn about Progress at www.progress.com or
+1-800-477-6473.
Safe Harbor Statement
Statements contained in this press
release about Progress Kinvey and the acquisition may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
concerning the expected benefits of the acquisition. These
forward-looking statements involve a number of risks, uncertainties and
other factors that could cause actual results to differ materially,
including but not limited to the following: an unexpected increase in
costs related to the acquisition, the risk that Kinvey’s business and
technology will not be integrated successfully, the risk that key
employees of Kinvey will not remain with Progress, the risks of delay,
technological obstacles or unanticipated expenses in developing a joint
product offering, the risk that customers will delay, withhold or cancel
new or pending orders for the combined company, potential delays in the
release of enhancements to the combined company's products, uncertainty
regarding growth rates in Kinvey's current and potential market
segments, the potential for unfavorable positioning of the combined
company's products in those market segments, the need for market
acceptance of the cognitive application development platform, variations
in the demand for customer service and technical support from the
combined company and pricing pressures and the competitive environment
in the software industry. Progress undertakes no obligation to update
information contained in this communication unless required by law. For
further information regarding risks and uncertainties associated with
Progress and information concerning the acquisition, please refer to
Progress' filings with the Securities and Exchange Commission, including
Progress' annual report on Form 10-K for the fiscal year ending November
30, 2016 and subsequently filed reports.
