Monday, October 13, 2008

Telerik picks up German software firm

By Mass High Tech Staff

Telerik Inc., which operates a U.S. headquarters in Newton, has acquired Vanatec GmbH, a German company specializing in object relational mapping software.

Telerik, a vendor of developer tools and user interface components for .NET, reports that the deal will allow it to offer an enterprise-grade ORM product to its customer base and marks another step in the company’s strategy to reduce development complexity in .NET applications.

Terms of the deal were not disclosed.

Founded in 2002, Telerik is based in Bulgaria. In September, Boston-based private equity and venture capital firm Summit Partners invested an undisclosed amount in the company to fund organic growth and acquisitions.

Telerik offers a portfolio of products based on Microsoft Corp. technologies, such as ASP.NET, Windows Forms, Windows Presentation Foundation and Silverlight. It also provides Sitefinity, a web content management system designed to reduce the amount of time required to produce and manage websites, portals and intranets, company officials said.

Customers include more than 20,000 organizations in more than 70 countries, including Vodafone Group Plc (NYSE: VOD), Citigroup Inc. (NYSE: C), Eastman Kodak Co. (NYSE:EK) and Nike Inc. (NYSE:NKE).

Summit Partners, founded in 1984, provides private equity and venture capital for growth companies. The firm has raised more than $11 billion in capital and has provided equity, recapitalization and management buyout financing to more than 300 companies across a range of industries.

Summit portfolio companies have completed nearly 125 initial public offerings and more than 110 portfolio companies have been acquired through strategic mergers and sales. The firm operates offices in Boston, Palo Alto, Calif., and London.