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News Breaks | | | | December 24, 2012 | | 07:02 EDT |  | PRGS | Progress Software to sell Orbix, Artix, Orbacus to Micro Focus International
Progress Software announced that it has signed a definitive agreement to sell its Orbix, Artix and Orbacus product lines to Micro Focus International plc. The total consideration to be received by Progress is $15M plus the assumption by Micro Focus of the liabilities associated with these product lines. Once finalized, the divestiture of these product lines will enable the company to complete the divestiture of its 10 non-Core product lines ahead of schedule, leaving the company to focus its innovation on a core portfolio of software products that address IT challenges in the rapidly growing cloud, big data, mobility and analytics markets. Taken together, the total sales price for all divested products and products under agreement to be divested is approximately $130M. The transaction is subject to customary closing conditions and is expected to be completed in January 2013. Terms were not disclosed. Upon completion, Progress will have divested all 10 of the 10 non-Core product lines that it announced in April. | |
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