Progress Software on track to acquire IONA Technologies in September

By Lisa Kerner

Charlotte, N.C., Aug. 28 - IONA Technologies plc said its shareholders voted to approve the company's acquisition by Progress Software Corp. at a special meeting held Thursday.

The merger is expected to close in September, pending approval of the Irish High Court. A hearing on the matter is set for Sept. 10.

Progress Software agreed to acquire IONA for $4.05 per share in cash, or approximately $162 million, it was previously reported.

"Following a thorough process to evaluate strategic alternatives for the business, the board considered the terms of the acquisition to be in the best interests of IONA shareholders and the company," IONA chairman Kevin Melia said in a company news release.

Once the acquisition is complete, IONA said it will become an indirect wholly owned subsidiary of Progress Software. IONA, a Dublin-based infrastructure software provider, will be delisted from its public company listing on the Irish Stock Exchange and its American Despositary Receipt listing on Nasdaq.

IONA has a U.S. headquarters location in Waltham, Mass., and offices worldwide.

Progress Software provides application infrastructure software for the development, deployment, integration and management of business applications. The company is located in Bedford, Mass.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.