Boston-based company Progress acquires software automation platform Chef

A Boston-based developer tool company, Progress, has announced acquiring software automation platform Chef for $220 million.

According to press, Chef has an annual recurring revenue (ARR) of $70 million from the commercial side of the house.

Speaking on the new acquisition, Progress CEO Yogesh Gupta, who confirmed the development, noted that the new company will contribute to its revenue, highly skilled employees, strong developer community and its impressive customer list.

Gupta further noted that Chef’s vision correlated with his company’s acquisition philosophy.

READ ALSO: General Motors acquires 11% stake in electric truck startup Nikola

He said: “This acquisition perfectly aligns with our growth strategy and meets the requirements that we’ve previously laid out: a strong recurring revenue model, technology that complements our business, a loyal customer base and the ability to leverage our operating model and infrastructure to run the business more efficiently.”

According to Chef CEO Barry Crist, the acquisition was possible as Progress offered a better path to future growth.

He said: “For Chef, this acquisition is our next chapter, and Progress will help enhance our growth potential, support our Open Source vision, and provide broader opportunities for our customers, partners, employees and community.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now