Friday, June 27, 2008

Progress buys SOA developer Mindreef

By Mass High Tech Staff

Web software services firm Mindreef Inc., based in Hollis, N.H., announced that it has been acquired by Bedford-based Progress Software Corp. 

Progress (Nasdaq: PRGS), a supplier of application infrastructure software, plans to incorporate Mindreef’s service-oriented architecture (SOA) products into Progress’s foray this year into real-world SOA, according to Mindreef officials. The New Hampshire company’s operations are expected to run under the Progress Software company name.

The acquisitions marks Progress Software’s second company buyout this week, having announced on Wednesday a $162 million acquisition of Ireland’s IONA Technologies PLC, a supplier of software integration technology.

Financial details of Progress’s acquisition of Mindreef were not disclosed.

Founded in 2001, Mindreef began developing a SOA niche for itself in 2005.