Progress Software Corporation entered into a definitive agreement to acquire Vector Maven Holdings, Inc from Vector Capital for approximately $360 million.

Progress Software Corporation (NasdaqGS:PRGS) entered into a definitive agreement to acquire Vector Maven Holdings, Inc from Vector Capital for approximately $360 million on January 3, 2023. As a result of which the vector and its wholly owned subsidiaries, including MarkLogic Corporation and Smartlogic Holdings Limited, will become wholly owned subsidiaries of Progress. The acquisition is subjected to regulatory approvals.

The acquisition is currently expected to close in early 2023. The transaction is expected to be accretive to both non-GAAP earnings per share and cash flow, beginning in Q2 2023. Jefferies LLC served as the exclusive financial advisor for MarkLogic on this transaction.

Jon Venick of DLA Piper LLP (US) acted as legal advisor to Progress Software Corporation. Dana Kromm, Erica Lee, Dan Stellenberg, Jeffrey Ii, Lucas Rachuba, Randall V. Johnston, Charles Patrizia, Jane Song, Sherrese Smith, John Gasparini, Michael Wise, Jennifer D. Riddle and Lindsay Sparks of Paul Hastings LLP acted as legal advisor to Vector Capital.