Summit Partners Invests in Telerik
Tue, 02 Sep 2008 16:00:00 GMT
September 3, 2008 Sofia, Bulgaria; Newton, MA; and Boston, MA - Telerik, a leading vendor of software tools and components which
allow developers to rapidly build cutting-edge web and desktop
applications, today announced that it has received an investment from
Summit Partners, a private equity and venture capital firm that has
raised more than $11 billion since inception. The investment will be
used to fund both organic growth and acquisitions.
Founded in 2002, Telerik offers a dynamic portfolio of products which
can be used to build powerful web and desktop applications that are run
using the latest Microsoft technologies, such as ASP.NET, Windows
Forms, Windows Presentation Foundation, and Silverlight. Building on
the company's expertise in interface development and Microsoft
frameworks, Telerik's software helps customers build applications with
unparalleled richness, responsiveness and interactivity-quickly and
inexpensively.
Telerik also provides Sitefinity, a rapidly growing web content
management system that substantially reduces the amount of time
required to produce and manage websites, portals, and intranets.
More than 20,000 organizations in more than 70 countries -- including
Fortune 500 companies such as Vodafone, Citigroup, Kodak, and Nike, as
well as renowned educational, governmental and not-for-profit
institutions including NASA, The World Bank, and Harvard University --
rely on Telerik's products.
Telerik has won numerous technical and business awards. The company was
named to the Red Herring 100 list for Europe in 2008, and was
recognized as the Best Employer in Bulgaria for small to medium sized
companies by Hewitt Associates.
Vassil Terziev, Co-founder and Co-CEO of Telerik, said, "Telerik has
been 100 percent employee-owned and profitable throughout our rapid
growth. The decision to raise outside capital was an important and
strategic move for Telerik, and we believe that Summit will assist us
in achieving even greater results." Svetozar Georgiev, Telerik's
Co-founder and Co-CEO, added, "With Summit's strategic guidance and
global network of contacts, we are now uniquely positioned to expand
Telerik'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 have
been impressed by Telerik's track record and exceptional management
team, as well as the company's unwavering focus on delivering
technologically innovative and reliable products to developers."
"Summit has a twenty-year track record of investing in software
companies, and Telerik shares many attributes that have helped other
companies become market leaders. We look forward to working with the
management team to help Telerik achieve even greater success."
About Telerik
Telerik provides the leading suite of software tools for developers
building applications using Microsoft technologies. The company's
development tools and components are used by software developers from
most of the Fortune 2000 companies, many of the world's leading
educational and non-profit organizations and thousands of consultants.
Telerik also provides Sitefinity, a rapidly growing web content
management system that substantially reduces the amount of time
required to produce and manage websites, portals, and intranets.
Telerik's global customer base relies on its award-winning products to
build applications with unparalleled richness, responsiveness and
interactivity. Telerik is headquartered in Sofia, Bulgaria and its US
division 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 and
has provided equity, recapitalization, and management buyout financing
to more than 300 growing companies across a range of industries. These
companies have completed nearly 125 public offerings and more than 110
have been acquired through strategic mergers and sales. Summit Partners
has offices in Boston, Palo Alto, and London.
Summit Partners works with outstanding management teams that have
self-financed their companies to profitability and market leadership.
Summit's notable software investments include AvePoint, Hyperion
Software, McAfee, OPNET Technologies, Postini, RightNow Technologies,
SafeBoot, and Sybari Software.
The business of Summit Partners in the UK is regulated by the
Financial Services Authority. Summit Partners Limited is registered in
England and Wales. The registered number is 4141197, and the registered
office is located at 20-22 Bedford Row in London, WC1R 4JS, UK. In the
US, Summit Partners operates as an SEC-registered investment advisor.
This document is intended solely to provide information regarding
Summit Partners' potential financing capabilities for prospective
portfolio companies.