Addition of Persistence Strengthens ObjectStore's Real-Time Data Services Offering
Bedford, Mass. and San Mateo, CA September 27, 2004 Progress Software
Corporation (PSC) (Nasdaq: PRGS), a supplier of leading technology to develop, deploy, integrate and manage business applications and Persistence® Software, Inc. (Nasdaq: PRSW) today jointly announced an agreement by which PSC will acquire Persistence, the technology and market leader in distributed data access and caching software, in an all-cash transaction for a purchase price of $5.70 per share or approximately $16 million in the aggregate. Upon the closing of the transaction, Persistence will become part of ObjectStore, an operating
company of PSC that provides products for real-time data management.
"ObjectStore has already established a significant market position in
enabling real-time data services, and this acquisition is another step in accelerating the companys growth and market leadership," said Joseph Alsop, co-founder and chief executive officer of PSC. "Real time performance is a critical factor in more and more applications as customers implement the real-time enterprise". The addition of Persistence will greatly enhance ObjectStore's ability to deliver open, scalable data caching solutions that simplify the job of architecting performant and scalable data access and allow software developers to concentrate on their application requirements."
Persistence offers a suite of data caching products designed to enable high volume, high performance applications utilising standard relational databases. Persistence EdgeXtend provides a distributed data services layer that both simplifies and accelerates data access. Proven in customer deployments among many companies within the Global 2000 (including Citicorp, JPMorganChase, FedEx and Reuters), the company's technology strength is exemplified by a significant portfolio of patents in the areas of object-relational mapping and data caching.
Persistence Accelerates Real Time Data Services Strategy for SOA Both ObjectStore and Persistence help businesses make decisions while they still matter - in real time and based on up-to-the-second information," noted Peter Sliwkowski, president of ObjectStore.
EdgeXtend's data services products provide tools that provide a real-time view of an enterprise's existing data assets via a flexible, service oriented architecture (SOA). EdgeXtend's flexible and open object-to-relational (O/R) mapping modeling tools and support of C++, Java, and C# languages will be leveraged by ObjectStore immediately."
Acquisition to Enhance ObjectStore's Organisation and Accelerate Growth To capitalize fully upon the opportunities made available with this acquisition, ObjectStore plans to organize its operations around three complementary lines of business, all of which focus on delivering real-time data service capabilities. These units are: 1) distributed data caching, whose products will be those acquired via this transaction and renamed ObjectStore EdgeXtend, 2) event processing, whose products include ObjectStore Event Engine, and 3) object data management, whose products include the industry's leading object database, ObjectStore. To help drive execution of this strategy, Chris Keene of Persistence will assume leadership of the ObjectStore distributed data caching line of business.
"Progress Software brings the critical mass of resources and technology
needed to extend the leadership of our EdgeXtend product family in the market for data access and caching," said Chris Keene, chief executive officer of Persistence. "As part of ObjectStore's real-time data services suite, we can deliver unparalleled performance and scalability."
Combined Technologies Provide Unique Value to Customers In addition to existing capabilities, ObjectStore plans to enhance EdgeXtend with functionality currently available in the patented Cache-Forward" Architecture of ObjectCache. "Data access is a critical performance factor for modern distributed applications. Data caching should be front and center in the minds of system designers concerned about performance," said Chris Keene. "Persistence's strengths in modeling tools and O/R mapping should pay real dividends for ObjectStore. And the combination of our products and those from ObjectStore will be backed by the strengths of Progress Software as a
software industry leader."
Both ObjectStore and Persistence share a number of common markets, with many blue-chip customers in financial services, logistics, travel, government, and other sectors that demand scalable architectures that deliver large volumes of data to mission critical applications in real time.
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