Progress Software Buys Apama

"Progress Software Corp., a supplier of technology to develop, integrate and manage business applications, on Wednesday announced it acquired privately held Apama Inc. in an all-cash transaction for about $25 million, net of cash acquired."

"Progress Software anticipates aquisition-related revenue of between $2 million and $3 million for the balance of fiscal 2005. The company said it expects the impact on operating income to be neutral, excluding in-process research and development, retention payments and amortization of acquired intangibles."

[AP]

8-12x multiple on Apama's 05 revs. Apama is based in the UK and investors include Carlyle Anschutz. Company raised over $24M with the last round valuation at $15M in 7/03.