Progress has acquired software automation platform Chef for $220 million. The acquisition is expected to bolster Progress’ core offerings, enabling customers to respond faster to business demands and improve efficiency.
Progress is claimed to be a provider of some of the best products to develop, deploy and manage high-impact business applications and Chef will enhance that position by providing compliance and application automation products for multi-cloud and on-prem infrastructure.
The acquisition also aligns with Progress’ growth strategy through accretive acquisitions and will add both scale and cash flow.
Founded in 2008, and with over $70 million in annual recurring revenue, Chef is into continuous automation, application automation and the DevSecOps movement. Chef products include: Chef Enterprise Automation Stack, Chef Infra, Chef InSpec, Chef Habitat, Chef Compliance and Chef Desktop.
Progress will acquire Chef for $220 million in cash, subject to customary adjustments. Progress will fund the transaction with existing cash on hand and funds secured under its existing credit facility.
The acquisition is likely to close in October 2020.