M&A Deal Summary

Progress Software Acquires KEMP

On September 23, 2021, Progress Software acquired software company KEMP from Mill Point Capital for 258M USD

Acquisition Highlights
  • This is Progress Software’s 16th transaction in the Software sector.
  • This is Progress Software’s 3rd largest (disclosed) transaction.
  • This is Progress Software’s 17th transaction in the United States.
  • This is Progress Software’s 1st transaction in New York.

M&A Deal Summary
Date 2021-09-23
Target KEMP
Sector Software
Buyer(s) Progress Software
Sellers(s) Mill Point Capital
Deal Type Add-on Acquisition
Deal Value 258M USD
Advisor(s) Lincoln International (Financial)
Wilmer Cutler Pickering Hale and Dorr LLP
Lowenstein Sandler LLP (Legal)

Target

KEMP

Melville, New York, United States
website
KEMP is a provider of load balancer and application delivery controller (“ADC”) solutions and services. Leveraging an agile per-app load balancing / ADC consumption model, predictive analytics and automated issue resolution, Kemp is radically simplifying how customers optimize, analyze and secure their applications across private and multi-cloud environments. KEMP was founded in 2000 and is based in Melville, New York.

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Buyer(S) 1

Buyer

Progress Software

Bedford, Massachusetts, United States

website

Category Company
Founded 1981
Sector Software
Employees1,796
Revenue 602M USD (2022)
DESCRIPTION

Progress Software is a software company that simplifies the development, deployment and management of business applications on-premise or in the cloud, on any platform or device, to any data source, with enhanced performance, minimal IT complexity and low total cost of ownership. Progress Software was founded in 1981 and is based in Bedford, Massachusetts.

DEAL STATS #
Overall 22 of 23
Sector (Software) 16 of 17
Type (Add-on Acquisition) 22 of 23
State (New York) 1 of 1
Country (United States) 17 of 18
Year (2021) 1 of 1
Size (of disclosed) 3 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-08 Chef Software

Seattle, Washington, United States

Chef Software, Inc. engages in DevOps and DevSecOps, providing complete infrastructure automation to build, deploy, manage and secure applications in modern multi-cloud and hybrid environments, as well as on-premises. Chef Software, Inc. was founded in 2008 and is based in Seattle, Washington.

Buy $220M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-03 MarkLogic

Redwood City, California, United States

MarkLogic is a provider of enterprise data integration and data management solutions. MarkLogic’s technology simplifies the integration of enterprise data across silos to provide immediate business value. MarkLogic Data Hub Service is a fully managed cloud data platform that is able to reliably assemble raw data, index it in real-time for powerful semantic search, and provide the ability to securely run operational and analytical applications at scale. MarkLogic was founded in 2001 and is based in Redwood City, California.

Buy $355M

Seller(S) 1

SELLER

Mill Point Capital

website

Category Private Equity Firm
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Mill Point Capital is a private equity firm focused on buyouts of established middle-market companies with strong track records. The Firm will consider opportunities throughout North American and generally looks to invest $15 to $80 million in companies valued up to $250 million. Sectors of interest include industrial and business services. Mill Point Capital is based in New York City.

DEAL STATS #
Overall 4 of 9
Sector (Software) 1 of 2
Type (Add-on Acquisition) 3 of 5
State (New York) 1 of 1
Country (United States) 4 of 9
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-07 E&M Logistics

Bronx, New York, United States

E&M Logistics is a provider in DSD distribution, serving as the exclusive DSD distributor of Nestlé frozen pizza, ice cream for Dreyer’s, Häagen-Dazs, Edy’s, Skinny Cow, and other brands, as well as other fresh and frozen products, throughout the New York Metro area. The Company distributes to a diverse customer base comprised of grocery store chains, independent supermarkets, delis, drugstores, convenience store chains, and foodservice customers. E&M Logistics was founded in 2006 and is based in Bronx, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 International Designs Group

Decatur, Georgia, United States

International Designs Group (IDG) is a provider of top-quality slab and tile materials for the kitchen and bath industry. IDG offers exclusive brands like Pompeii Quartz and Forum Quartz, as well as its tile label, CTC (Cancos). In addition to slab and tile distribution, IDG has showrooms in several eastern U.S. states, including Alabama, Georgia, South Carolina, Florida and New York. These showrooms highlight and sell the company’s distinctive slab and tile products, and also provide a range of complementary specialty products for the kitchen and bath. International Designs Group is based in Decatur, Georgia.

Buy -
Mergr

Product

Company

Legal