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Progress Software Corp. has acquired business process management technology company Savvion Inc. for $49 million, adding new functions to Bedford-based Progress Software’s (Nasdaq: PRGS) business operations software, which analyzes and fixes bottlenecks and automates other business functions.
“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,” said Progress Software President and CEO Richard Reidy in a statement released Monday.
Company officials revised guidance for Progress Software following the acquisition of Santa Clara, Calif.-based Savvion. For the first quarter, they expect revenue of $124 million to $128 million and a net loss of 20 cents to one cent. Revenue for the year is expected to be between $538 million to $548 million and earnings of 93 cents to $1.23.
In December, Progress Software announced that it was cutting its global workforce by 12 to 14 percent in a move that would also consolidate offices in unspecified locations worldwide.
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