Summit Partners Agrees to Sell Its Stake in Bulgaria-based Telerik to Progress Software (CEE and CIS)

Source: Progress Software, | Author(s): Alice Murray

Global private equity firm Summit Partners has agreed to sell its stake in Bulgaria-based provider of application development tools Telerik to NASDAQ-listed software company Progress Software. This is part of a larger transaction in which Progress Software has agreed to acquire Telerik for US$262.5 million. Summit Partners originally acquired a minority stake in Telerik in October 2008.