Progress Software Acquires Savvion for $49 Million

Posted 01/12/2010 at 6:09am | by Paul Lilly

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Progress Software on Monday announced it has acquired privately held business enterprise software company Savvion Inc. for around $49 million.

"The Savvion BPM suite is a perfect fit for Progress because it offers leading capabilities for business process modeling and execution. The suite also uniquely includes other integrated key capabilities, including business rules management, document management, an event engine and an analytics engine.," said Richard D. Reidy, president and chief executive officer, Progress Software.

Following the acquisition, Progress was quick to revise its business outlook, who now says it expects GAAP revenue to be in the range of $538 million to $548 million for the fiscal year ending November 30, 2010. The company also expects diluted earnings per share to be in the range of $2.16 to $2.28. A month ago, Progress was projecting $2.15 to $2.25 per share on revenue of $520 million to $530 million, well above what analysts had the company pegged at, The Wall Street Journal reports.