September 3, 2008 Sofia, Bulgaria; Newton, MA; and Boston, MA – Telerik, a leading vendor of software tools and components whichallow developers to rapidly build cutting-edge web and desktopapplications, today announced that it has received an investment fromSummit Partners, a private equity and venture capital firm that hasraised more than $11 billion since inception. The investment will beused to fund both organic growth and acquisitions.
Founded in 2002, Telerik offers a dynamic portfolio of products whichcan be used to build powerful web and desktop applications that are runusing the latest Microsoft technologies, such as ASP.NET, WindowsForms, Windows Presentation Foundation, and Silverlight. Building onthe company’s expertise in interface development and Microsoftframeworks, Telerik’s software helps customers build applications withunparalleled richness, responsiveness and interactivity—quickly andinexpensively.
Telerik also provides Sitefinity, a rapidly growing web contentmanagement system that substantially reduces the amount of timerequired to produce and manage websites, portals, and intranets.
More than 20,000 organizations in more than 70 countries -- includingFortune 500 companies such as Vodafone, Citigroup, Kodak, and Nike, aswell as renowned educational, governmental and not-for-profitinstitutions including NASA, The World Bank, and Harvard University --rely on Telerik’s products.
Telerik has won numerous technical and business awards. The company wasnamed to the Red Herring 100 list for Europe in 2008, and wasrecognized as the Best Employer in Bulgaria for small to medium sizedcompanies by Hewitt Associates.
Vassil Terziev, Co-founder and Co-CEO of Telerik, said, “Telerik hasbeen 100 percent employee-owned and profitable throughout our rapidgrowth. The decision to raise outside capital was an important andstrategic move for Telerik, and we believe that Summit will assist usin achieving even greater results.” Svetozar Georgiev, Telerik'sCo-founder and Co-CEO, added, “With Summit’s strategic guidance andglobal network of contacts, we are now uniquely positioned to expandTelerik’s product offering and achieve continued optimal growth --allowing us to become the sole source of a software developer’s needs.”
Tom Jennings, a Managing Director with Summit Partners, said, “We havebeen impressed by Telerik’s track record and exceptional managementteam, as well as the company’s unwavering focus on deliveringtechnologically innovative and reliable products to developers."“Summit has a twenty-year track record of investing in softwarecompanies, and Telerik shares many attributes that have helped othercompanies become market leaders. We look forward to working with themanagement team to help Telerik achieve even greater success.”
About Telerik
Telerik provides the leading suite of software tools for developersbuilding applications using Microsoft technologies. The company’sdevelopment tools and components are used by software developers frommost of the Fortune 2000 companies, many of the world’s leadingeducational and non-profit organizations and thousands of consultants.Telerik also provides Sitefinity, a rapidly growing web contentmanagement system that substantially reduces the amount of timerequired to produce and manage websites, portals, and intranets.
Telerik’s global customer base relies on its award-winning products tobuild applications with unparalleled richness, responsiveness andinteractivity. Telerik is headquartered in Sofia, Bulgaria and its USdivision is based in Newton, Massachusetts
About Summit Partners
Summit Partners (www.summitpartners.com)provides private equity and venture capital for growth companies.Founded in 1984, Summit has raised more than $11 billion in capital andhas provided equity, recapitalization, and management buyout financingto more than 300 growing companies across a range of industries. Thesecompanies have completed nearly 125 public offerings and more than 110have been acquired through strategic mergers and sales. Summit Partnershas offices in Boston, Palo Alto, and London.
Summit Partners works with outstanding management teams that haveself-financed their companies to profitability and market leadership.Summit’s notable software investments include AvePoint, HyperionSoftware, McAfee, OPNET Technologies, Postini, RightNow Technologies,SafeBoot, and Sybari Software.
The business of Summit Partners in the UK is regulated by theFinancial Services Authority. Summit Partners Limited is registered inEngland and Wales. The registered number is 4141197, and the registeredoffice is located at 20–22 Bedford Row in London, WC1R 4JS, UK. In theUS, Summit Partners operates as an SEC-registered investment advisor.This document is intended solely to provide information regardingSummit Partners’ potential financing capabilities for prospectiveportfolio companies.