Boston – July 14, 2017 – Cooley advised Kinvey, a longtime client and leader in backend as a service (BaaS) technology, on its sale to Progress Software Corporation for $49 million.
“By bringing together Kinvey’s leading BaaS with our frontend development, predictive analytics and data connectivity technologies, we are doing something unique; we are offering customers the only complete, open stack for building and deploying cognitive applications,” said Yogesh Gupta, CEO of Progress, in a news release.
"At Kinvey, we pride ourselves on providing an unparalleled developer and operational experience for building and deploying modern applications, while staying ahead of the feature curve to support our customers as they think of innovations for their digital business," said Sravish Sridhar, founder and CEO of Kinvey, in a news release. "We are thrilled to join Progress as a core component of their leading product portfolio for delivering on this future for our customers."
Kinvey is used by organizations across myriad industries to build and deploy modern applications, including Schneider Electric, VMware, Bell and Howell, Thomas Jefferson University and Jefferson Health. From mission-critical consumer and business experiences for global insurance, manufacturing and media companies to HIPAA-compliant and life-critical apps for healthcare, health implant manufacturers and pharma, Kinvey powers more than 31,000 apps used by more than 100 million end-users.
The acquisition follows Progress’s purchase of machine learning and predictive analytics vendor DataRPM in March, on which Cooley also advised.
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