Covington Associates Advises Mindreef, Inc. on its sale to Progress Software
Boston, MA June 30, 2008 Covington Associates announced today it acted as financial advisor to Mindreef, Inc., the SOA Quality Company, in its sale to Progress Software Corporation (NASDAQ: PRGS).
Progress Software, headquartered in Bedford, MA, is a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications.
Mindreef, headquartered in Hollis, NH, develops and markets the award-winning Mindreef SOAPscope products, which enable different IT users such as business analysts, system architects, application developers, testers, operations and support staff to build, deploy, and maintain better software at each phase of an SOA, Web service or composite application development lifecycle. With the combination of Actional and SOAPscope, Progress is the first and only company to address the entire SOA lifecycle with best-in-class SOA quality and validation capabilities and industry-leading runtime governance capabilities, ensuring the success of SOA deployments.
The Mindreef SOAPscope product family comprises SOAPscope Server, SOAPscope Architect, SOAPscope Tester, and SOAPscope Developer and joins the Progress Actional SOA Management product family that provides policy-based visibility, security, and control for services, middleware, and business processes. This acquisition continues Progress' expansion of its best-in-class SOA Portfolio and strengthens the company's position as a leader in independent, standards-based, heterogeneous, distributed SOA infrastructure.
Frank Grossman, co-founder and President of Mindreef, Inc., noted: "The quality and validation capabilities within the Mindreef products seamlessly enhance the visibility and management features available from the Actional SOA Management products, resulting in a synergy that can help enterprises achieve greater success with the services they deliver. This synergy will help IT managers more effectively detect and avoid issues, including mismatches in expectations between service consumers and service providers, earlier in the service lifecycle, thus reducing the risk of these being discovered during either integration testing or the production phase, when such issues can be potentially more costly to the organization."
Mindreef is a provider of integrated software solutions that help organizations ensure trust, confidence and agility in their quality-driven SOA deployments. SOAPscope Server products build, test, and maintain policy compliant Web services and SOAs. More than 3,000 customers at more than 1,200 organizations worldwide, including 40 of the Fortune 100, use Mindreef products.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies.