The US Progress Software Corporation announced it has entered into a definitive agreement to acquire Bulgaria's leading software developing company Telerik AD for USD 262.5 M, said the corporation in a press release.

Telerik was founded in 2002 by four graduates of the American University in Bulgaria and the Technical University of Sofia.

Its core business is development of application development tools, but is most well known to the general public in Bulgaria for its Telerik Academy – series of free courses for school children, students and other people who have little or no experience in software development and want to pursue a career in the field.

 Telerik's revenue for the last twelve months was over USD 60 M, with annual bookings growth of over 20%.

As of 2013, Telerik has 800 employees in nine offices in seven countries across four continents. 

"User experience is defining the way application software is being selected. Telerik's strength is in helping developers create elegant, custom user interfaces for their cloud, web-based and on-premise applications," said Phil Pead, Progress CEO, quoted by the media statement.

"Building applications today is truly complex. Developers also must deal with security, scaling, massive amounts of data and the ability to deploy on a large number of different devices. Together, Progress and Telerik can help to solve these issues so that developers can focus on building software that solves business problems."

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