Progress Software, Led by New CEO, Buys Corticon
Some interesting news from the business software world today. Bedford, MA-based Progress Software has acquired decision management firm Corticon of Redwood City, CA. Terms of the deal weren’t announced, but the companies said Corticon’s business rules engine will be integrated into Progress’s responsive process management software package. Mark Allen, the founder and CEO of Corticon, is joining Progress along with his team.
The deal makes sense, given Progress Software’s focus on helping its corporate customers be more operationally responsive—that is, able to handle logistical problems on the fly, such as emergency transportation routes for an airline or travel agent, billing and services issues for a telecom firm, and changes in the financial market for a bank.
Progress (NASDAQ: PRGS) is one of the largest software companies in Massachusetts. The firm just announced this week it has appointed Jay Bhatt as its new chief executive. Bhatt, a veteran of Autodesk and Buzzsaw.com, succeeds former CEO Richard Reidy, who stepped down this past summer.