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SOFTWARE INDUSTRY NEWS |
Progress Software to acquire Savvion Inc |
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Progress Software, a company that enables enterprises to be operationally responsive, announced at its Global Field Operations Conference that is would acquire Savvion Inc., a privately held business enterprise software company based out of Santa Clara, California. The acquisition is for approximately $49 million, net of cash acquired. Savvion is a pioneer of Business Process Management (BPM) technology and has 15 years of market experience. It offers a comprehensive, standards-based BPM suite that helps more than 300 of the world’s top-performing companies – including 24 of the ‘Fortune 100’ – automate and continuously improve critical business processes. In a statement, Progress Software said that a combination of its business event orocessing (BEP), business transaction assurance (BTA) and itegration portfolio, coupled with the Savvion BPM suite would better enable enterprises to achieve the highest levels of operational responsiveness. It said that with this set of solutions, enterprises can:
Richard D Reidy, president and chief executive officer, Progress Software said: “We believe that achieving operational responsiveness has become a business imperative, enabling businesses to achieve the highest level of operational performance. Our acquisition of Savvion enhances our goal to provide unprecedented business visibility, responsiveness and business process improvement, coupled with the highest degree of data integrity and integration.” Dr. John Bates, Progress Software’s chief technology officer and head of corporate development termed the Savvion BPM suite as a perfect fit for his company “because it offers leading capabilities for business process modeling and execution.” He said that additinally, Savvion developed powerful industry-specific BPM solutions for financial services, communications, healthcare, life sciences, energy and manufacturing industries in which, Progress already has a broad customer base that will benefit from these capabilities. The statement also quioted Sandep Phanasgaonkar, president and CTO, Reliance Capital, as saying “The Savvion BPM suite has quick deployment time. Reliance reduced turnaround time and increased adherence to SLAs after implementing the Savvion BPM solution. Savvion helped create an 86% reduction in policy generation time. Our ROI was realized in less than six months.” Progress said that it expects to issue equity awards of an aggregate of approximately 110,000 shares to six Savvion employees who would join Progress as part of the acquisition. These will consist of a combination of options to purchase Progress common stock and restricted stock units. Progress said it may issue additional equity awards in the future to other Savvion employees who have joined Progress as part of the acquisition. The company also provided the following guidance, which reflects the anticipated impact from the acquisition of Savvion, for the fiscal year ending November 30, 2010:
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