Progress Snaps Up DevOps Provider Leader for $220 Million

Progress, a provider of application development and digital experience technologies, has entered into a definitive agreement to acquire Chef, a provider of DevOps and DevSecOps software. Progress says the combination will provide a complete infrastructure automation to build, deploy, manage and secure applications in modern multi-cloud and hybrid environments, as well as on-premise. 

The acquisition is expected to close in October 2020, subject to obtaining regulatory consents and satisfaction of other customary closing conditions.

“Chef is a market leader with best-in-class products, a vibrant developer community, an impressive blue-chip customer base and highly skilled and engaged employees,” said Yogesh Gupta, CEO, Progress. “Chef has built a successful business, product portfolio and go-to-market strategy and we will expand and accelerate that by bringing our resources to bear, building on the momentum Chef has established to date.”

Founded in 2008, and with more than $70 million in annual recurring revenue, Chef offers products including Chef Enterprise Automation Stack, Chef Infra, Chef InSpec, Chef Habitat, Chef Compliance, and Chef Desktop.

According to Progress, the acquisition will bolster its core offerings, enabling customers to respond faster to business demands and improve efficiency. The acquisition also aligns with Progress' growth strategy through accretive acquisitions and will add both scale and cash flow.

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 transaction is expected to be accretive beginning in Q1 FY2021 to both non-GAAP earnings per share and cash flow.

“Chef and Progress share a vision for the future of DevSecOps and Progress will provide the scale to further drive Chef’s platform forward and deliver additional value to our customers,” said Barry Crist, CEO, Chef. “At the same time, Chef fills a need in the Progress portfolio in DevSecOps, infrastructure, application, and compliance automation that is highly complementary to its existing products. For Chef, this acquisition is our next chapter, and Progress will help enhance our growth potential, support our open source vision, and provide broader opportunities for our customers, partners, employees and community.” 

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